Business development and cyber technologies are two key strategies that companies can employ to grow, boost revenue and strengthen relationships with potential customers. However, both processes should be carried out with care since they could expose a business to increased threat from cyberattacks as well as other malicious activities.

Business development is essentially about identifying new opportunities, building and maintaining relationships with customers, forming strategic partnerships, and establishing strategies that increase profits. The process impacts virtually every aspect of a firm, including marketing, sales, human resources, manufacturing, accounting, finance, and the development of products.

To do their job well business developers must look into potential markets and know how these markets will develop over time. They may have to decide if they want to enter the market on their own and completing all the required legal formalities or form a partnership with a company that is already operating in this area. This can have a significant impact on costs, and logistical responsibilities like distribution and shipping.

The success of business development is also dependent on the right team. Teams that perform well typically have leadership capabilities and vision, and the ability to collaborate with people from diverse backgrounds. They are able to clarify the issues, set reasonable deadlines and manage their resources effectively. They also operate with the highest degree of integrity and morality. This is why they are regarded as trustworthy by colleagues and clients alike. The Colorado Small Business Development Center Technology Program (SBDC TechSource) collaborates with ventures in science and technology to provide assistance with commercialization as also cybersecurity and risk management training.

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