Corporate & Strategic
What this is: Non‑equity and equity relationships with corporates (JVs, CVC, off‑takes). When to use: Distribution leverage and co‑development with a clear business unit sponsor. When to avoid: ROFR/exclusivity create channel lock‑in too early.
Tools & Structures
Joint ventures / co‑development
New entity with strategic partner; share costs, IP, revenue.
Advance purchase & off‑take agreements
Customer prepays or commits to future output, securing demand.
Corporate venture (CVC)
Equity with strategic clauses (ROFR, roadmap access).
Key levers: Exclusivity/fields‑of‑use, roadmap/IP access, termination rights, comms.
Case studies: Capella Space (customer prepayment), Zipline (service contracts).
Related: See Capital from Customers for off‑take agreements and advance purchases, and Government & Multilateral for government contracts.
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