A solid business development strategy can be integral to a company's growth and success. But if you ask a dozen different people, "What is business development?", you'll likely get a dozen different answers. That's because the role of business development evolves along with the company, and that role varies according to the company's size, maturity and priorities.
Laying a strong foundation for a new company is critical to its survival and growth. For startups, business development strategies focus on building that foundation by developing the best possible products and services, determining where the company fits into the market, identifying investors and funding sources, and assembling a dependable team. A business developer might also help orchestrate a launch event when the product is ready to go live to give the team and their clients an opportunity to celebrate what they've accomplished—building a completely new business from the ground up.