A robust M&A strategy isn't built in a vacuum. Snowflake's CorpDev team continuously gathers intelligence from three sources: VCs (capital flow), entrepreneurs (innovation), and internal product leaders (strategic needs). This triangulation allows them to form a holistic and actionable market view.

At the $1-10M ARR stage, avoid junior reps or VPs from large companies. The ideal first hire can "cosplay a founder"—they sell the vision, craft creative deals, and build trust without a playbook. Consider former founders or deep product experts, even with no formal sales experience.

Enterprise leaders aren't motivated by solving small, specific problems. Founders succeed by "vision casting"—selling a future state or opportunity that gives the buyer a competitive edge ("alpha"). This excites them enough to champion a deal internally.

Palo Alto Networks' M&A playbook defies convention. Instead of integrating an acquisition under existing managers, they often replace their own internal team with the acquired leaders. The logic is that the acquired team won in the market with fewer resources, making them better equipped to lead that strategy forward.

When direct access to top talent is blocked by competitors, savvy leaders identify other successful companies with strong sales cultures (a "lineage") and strategically recruit from that pool. This allows them to tap into a new vein of proven, high-potential talent.

Don't expect the parent company's sales force to sell your nascent product. Their focus on core business means they will ignore emerging tech. An internal incubator must have its own dedicated go-to-market team to find new personas and develop sales plays before a handoff.

Corporate Development facilitates M&A but should not be the "sponsor." The true sponsor is the internal leader from product or engineering who will own the acquisition's success post-close. This distinction ensures clear accountability and prevents deals that lack a dedicated internal champion.

Startups can't compete with established leaders on credibility, but they have a unique advantage: access. Position your offer not as being "better," but as providing direct contact with the founder, contrasting it with the impersonal, multi-layered support of a large corporation.

To find enterprise champions with no track record, Nexla's founder looked for signals of an "early adopter mindset." This included identifying employees who had recorded case studies with other startups or were publicly passionate about innovation on platforms like LinkedIn, indicating a willingness to bet on new technology.