Over the last twenty years, Robert Wallace—author, engineer, entrepreneur, and consultant—has been studying the nature of entrepreneurship and what contributes to a company's eventual success or failure. His findings led him to develop what he calls "the Wallace 4 Quadrant Model of Entrepreneurial Success." The basic ideas behind each quadrant are: analyze your organization, plan, know your environment, and study how others have made their partnerships work. Having a grasp of each of these areas in your business contributes to the potential for long-term success, he says. "Done well, joint ventures provide both participating businesses with a chance to learn and benefit from each other, and to achieve results neither could achieve alone," Wallace explains.
He delves further into the topic by using this quadrant model to assess strategic partnerships. Case studies from Verizon, Toyota, Freddie Mac, and Eastman Kodak illustrate the do's and don'ts. Although Wallace doesn't attempt to predict the future for any start-up or existing business, his research and advice is compelling in explaining the mutual benefits of strategic alliances.—S. J. Johnston