I've worked with (but not in) CorpDev in two large enterprises, and I've had a startup acquired via CorpDev. Paul is overstating his case to the point of it becoming bad advice.
Just like there are good VCs and bad VCs, there are good CorpDev teams and bad CorpDev teams. The mistake many founders make, however, is confusing the quality of the brand with the quality of the CorpDev team.
The best approach is not a simplistic "never meet with CorpDev" but to ignore the brand power and first treat a CorpDev team the way you would an unknown VC. Do some research. Ask other founders about their dealings with the team.
I've been on both sides of the CorpDev table. Just like VCs, there are plenty of people who will waste your time, but there are also people who are very generous with advice and introductions.
The trick is to ignore the brand and learn about the people you will be dealing with.
Edit:
It's also good to remember that many large enterprises have multiple (sometimes competing) teams working on investments and acquisitions. Quality can vary widely even within the same company.
> Do some research. Ask other founders about their dealings with the team.
For a founder who doesn’t otherwise have interest in talking to corp dev, what is this if not a waste of time?! This 100% takes focus away from building your business.
Just like there are good VCs and bad VCs, there are good CorpDev teams and bad CorpDev teams. The mistake many founders make, however, is confusing the quality of the brand with the quality of the CorpDev team.
The best approach is not a simplistic "never meet with CorpDev" but to ignore the brand power and first treat a CorpDev team the way you would an unknown VC. Do some research. Ask other founders about their dealings with the team.
I've been on both sides of the CorpDev table. Just like VCs, there are plenty of people who will waste your time, but there are also people who are very generous with advice and introductions.
The trick is to ignore the brand and learn about the people you will be dealing with.
Edit:
It's also good to remember that many large enterprises have multiple (sometimes competing) teams working on investments and acquisitions. Quality can vary widely even within the same company.