In this step both you and the partner prospect will be evaluating the "fit."
Technical fit: This will typically involve technical product walthroughs by your respective product teams. In these sessions, you are both trying to find out if the product is "real and ready".
Marketing fit: What are the products' strengths and weaknesses relative to the market needs? How do we complement each other? What are the areas of potential competitive conflict? How will customers view the value this partnership?
Cultural fit: Don't give this process the short shrift. Talk to the prospect's current partners. Talk to analysts or experts that follow your market. You are trying to get a sense for what this company would be like to do business with.
Go back and look at your Partner Selection Criteria in Step 2. Validate any of the assumptions you may have made about this partner prospect.
Finally, you will need to layout the business case for the partnership. Based on what you find out during the due diligence process, what investments will be required to make the partnership work?
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