High performing startups often appear strong founding teams that combine business-minded generalists and technical-expert specialists. The mythic founder who does it all is rare for good reason. The skill set that makes someone a top-level developer or scientist is not the same skill set needed to raise capital and coordinate business operations.

The best partnerships pave the way for innovation and success. But partnerships can go awry if business promises outweigh technical realities. Think about Theranosfraudulent blood testing startup where claims to the public and investors never matched what the product could actually do.

As the founding director of the faculty of Kerry Murphy Healey Center for Health Innovation and Entrepreneurship at Babson College, I often help healthcare experts looking for business partners to drive new ideas to market. Research I've done with Babson colleagues Candida Brush and Alia Crocker suggests that interdisciplinary teams are more likely to have the knowledge needed for a successful venture.

Here are three strategies to build and scale successful partnerships and companies.

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Find the right person by setting clear expectations

Innovators looking to launch a product and business professionals looking for their next startup don't always share the same goals. When you meet a potential co-founder, to be ahead about your economic and mission-driven motivations and ask them to do the same. Check that you are on the same timeline. How fast do you each want to move? If one person is eager to go to market and the other wants to slow down, you will encounter serious problems.

Verify that you share the same ethical approach to not cutting corners to reach the next moment, and be sure to discuss roles. In healthcare startups, for example, some scientists prefer to be silent partners rather than a prominent part of the business. So ask your potential co-founder: How involved do you want to be in the company?

Partnerships require compatibility, even when they flourish because each person brings different strengths to the relationship. Don't feel pressured to calm down right away. If your potential partner doesn't share your expectations, keep looking. Being upfront early can save you and your team from frustration and financial losses down the road.

You have options. Co-founder of matching platforms such as Y-combinator, Co-Founder Lab and others provide ways to connect. There are also specialized matching programs for specific industries. MassVX, founded by Vinit Nijhawan, serial entrepreneur and managing director of MassVentures, connects doctors and other scientific experts with entrepreneurs who have experience raising capital and running a business.

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Create a common language

Even before vetting partners, business-oriented entrepreneurs need to become knowledgeable in the field they are exploring. You don't have to be as knowledgeable as the technical expert about the innovation itself; that's why you're joining. But you should know the field well enough to discuss its potential. You can't position your company to succeed if you don't understand what your product does and why it's better than existing solutions.

If you are entering the health care industry, for example, you can attend relevant medical conferences and follow scientific discoveries. If you're getting into the gaming industry, you can attend gaming events, read industry reports, and listen to top podcasts. In 2024, every technical field contains a wide range of accessible options to learn more.

At the same time, you will want to find a technical partner who is open to understanding the business side. Before you join, you should provide a basic explanation of your projected revenue model, customer base, and market size. Are you a B2B company serving some big customers? Or a B2C organization that relies on individual consumer purchases?

Once you find an expert who shares your language, continue the conversation throughout the partnership. Set aside time for regular updates on how the product is progressing. Genuine curiosity from entrepreneurs does technical experts you feel understood and it helps you do your job better. You won't be tempted to skim over the details when pitching to investors—a tactic that can backfire eventually.

Don't let these meetings become one-sided. You should keep your partner informed about the progress of the business. Teams succeed only when partners understand and build on each other's expertise in pursuit of a common mission.

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Develop common measures of success

You and your co-founder should track progress together. This initial agreement on expectations will be your North Star when setting product and financial milestones.

As an entrepreneur, you are responsible for making sure that fundraising does not exceed results. If you go to the B and C series and you're not keeping track of product development, eventually that release gets to the top. For example, a 2022 STUDY Led by researchers at investment firm Rock Health and Johns Hopkins University found that 44% of digital health startups lacked clinical trials or regulatory filings to stand on.

You should also help technical experts understand financial measures of success such as revenue and customer win rate. Sometimes an engineer or scientist may feel like the businessman is pushing the deadline too quickly. Hear these concerns. If you disagree, explain how your approach contributes to your organization's goals.

Profit and purpose can go together when entrepreneurs and technical experts are on the same page. This is not always easy. Making these relationships work is an art. By setting expectations up front, communicating clearly, and working toward shared measures of success, your partnership will reap rewards for both you and your business.