Since May 2023, I have been collaborating with #Cassini Business Accelerator, an initiative of the European Commission’s entrepreneurial support and part of the #PlugandPlay Accelerator. 🌍
🌟 I’m honored to serve as a mentor for #contractmanagement , #negotiations , and #vendormanagement for the selected top 20 space startups within this prestigious network of business experts. The caliber of startups, the founders’ knowledge, the organization, the staff, and the industry demand nothing but excellence.
🛰️Special thanks to Carolina Ferreira da Silva for her outstanding coordination of startup communication!
Here are some key insights I’ve shared with startups that have achieved pre-commercial success: 1️⃣ Your client portfolio and existing contractual agreements with clients are the pillars of credibility. It’s not just about quality and contractual value – the quality of your contractual terms and conditions is vital. 2️⃣ If you’re in the early stages and seeking to sell your product, consider signing Memorandums of Understanding (MOUs) with major partners and potential clients. MOUs are usually (not always) non-binding agreements in principle and, in terms of market leverage, can be advantageous, especially in the space industry. 📝 3️⃣ When time is of the essence, and you need to demonstrate your intent to produce quickly, use Letters of Intent (LOIs). LOIs serve as a commitment to secure contracts and can be invaluable, particularly with governmental clients. ⏳ 4️⃣ Invest in a robust contractual framework. Develop templates for contracts, appendices, communication, and letter notices. If you don’t have the budget for an experienced lawyer, consider seeking coaching or mentorship. An expert can help you navigate the legal aspects of contracts. 📜 5️⃣ Some startups have found value in having their contracts reviewed. Even if contracts are well-written, space agencies often prioritize their interests. I’ve helped companies identify opportunities for increased cash flow and reduced risks and liabilities through contract reviews. 💼
If you’re seeking guidance on your contractual framework, whether you’re a corporate client, accelerator, startup, business hub, or university, don’t hesitate to reach out. I offer mentoring sessions, coaching, and consulting. You can contact me via DM or at contact@steppebystep.com, or on Instagram @sandusembi 📩
