Early stage technology firms face significant challenges in their struggle for survival and growth. Such companies are often resource constrained, lacking the cash and complementary assets required to independently exploit their technology. As a result, many choose to adopt some form of partnership-based business model where relations with other, often larger firms are critical to their growth. For their part, large established firms often use relationships with early-stage technology firms as a form of surrogate R&D. These relationships can however prove difficult for both parties, due to the many asymmetries involved. This paper explores the dynamics of these asymmetric dyads through analysis of 10 case studies of technology-based start-ups operating in Cambridge UK . The paper reviews the motivations for the formation of such relationships and the variety of forms which can occur. Evidence from literature and case studies is used to construct a typology of relationships formed by early stage technology-based firms. Sources of difficulty are identified and some preliminary guidelines are offered for both the larger and smaller firm.