For early-stage technology companies, the creation of a new business begins with the thrill of a breakthrough idea or innovation. Actualizing your business after the initial excitement of this idea, however, involves building effective relationships with a coalition of key stakeholders whose participation is fundamental to the formation and growth of an early-stage technology company.

Successfully recruiting and enlisting this set of stakeholders involves developing a distinct value proposition for each party, and then effectively communicating that proposition in order to build and strengthen these critical relationships. In a sense, this is what marketing an early-stage technology company is all about - targeted outreach to primary stakeholders and the growth of a fundamental coalition of supporters. Typically the five critical stakeholders include:

1. Customers - The key to building a customer base lies in winning an initial set of customers as quickly as possible, and building a solid relationship through consistently and fully satisfying all of their needs. These early customers are an invaluable source of feedback from actual members of your target market; feedback which will help to validate your core offering, as well as provide insight into ways you may be able to modify and improve your product or service to better meet market needs.
2. Employees -Hiring a team of the best and brightest available is mandatory to the success of your business, and an attractive value proposition is critical in recruiting a winning staff. However, you must also maintain and communicate a value proposition for existing employees, to keep them interested and motivated as business stakeholders.
3. Investors - Planning and executing a successful funding approach is essential for most early-stage technology companies. Identify appropriate potential investors at each stage of the funding cycle, including venture capitalists and angel investors. Clarify the goals of each, and target the most appropriate investors by communicating ways your innovation and business model satisfies their needs and interests.
4. Partners - The right partner can help to increase visibility, enhance credibility, and in some cases reduce marketing and development costs. Much like finding, attracting, and retaining customers, developing worthwhile partnerships involves understanding partner needs and goals, and then creating solutions and messaging that speak to these. Identify potential partners for possible strategic alliances in marketing and/or development efforts, and work to meet their needs in order to create a mutually beneficial relationship.
5. Influencers - Creating buzz and attention quickly through key media, analysts, and industry events is a highly effective means of developing recognition for your unique solution, and goes hand-in-hand with building a trusted reputation. To maximize efforts, focus strategically on building awareness among the most influential of these industry participants by identifying and meeting their needs. The buzz they generate will add credibility to your offering and create invaluable word-of-mouth endorsement.

The Stakeholder Strategy: Profiting from Collaborative Business Relationships
by Ann Svendsen

Relationship Marketing: Creating Stakeholder Value
by Martin Christopher, Adrian Payne, and David Ballantyne