Posted: August 24th, 2022

The Benefits of Partnerships

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The Benefits of Partnerships
Companies form partnerships for many reasons: for example, a company may create alliances to optimize its business models, reduce risk, or acquire resources. Such partnerships are becoming the cornerstone of many contemporary business models.
Austin discusses the benefits of two major partnerships, one with General Mills and one with ThinkFoodGroup. Think about Austin’s experiences with these partners, and then consider what partnerships you may need to be successful with your new idea.
KEY PARTNERSHIPS: Describes the network of suppliers and partners that make a business model work.
After reviewing the above definition, answer the following questions:
What have you learned from the Tio case to help you develop strong partnerships in the future?
Who are your Key Partners? Why?
Who are your Key Suppliers? Why?
Tio Gazpacho: Strategic Alliances
Austin partnered with General Mills through a funding deal, but his second major partnership developed quite differently. Austin admired celebrity chef, Jose Andres, and his innovative organization ThinkFoodGroup. So he found a mutual connection willing to introduce him to Jose Andres and he sent over samples of his product. It took six months to get a response but it was worth the wait.
Jose Andres met with Austin and decided to partner with him, which created a new sales channel for Tio as a co-branded product. ThinkFoodGroup manages a national chain of vegetable focused fast-casual restaurants called Beefsteak and they integrated three of Tio’s soups into their menu. The CEO of ThinkFoodGroup accepted a place on Tio’s Board. So now Austin has the benefit of a new sales avenue, an alliance with a national brand, and a Board member with expertise in the restaurant space.
https://www.specialtyfood.com/news/article/tio-gazpacho-now-available-at-select-east-coast-walmart-stores-125087/

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