What's the difference between a sponsorship and a partnership, and why does it matter when approaching brands?

The old-school 'sponsorship' model was very one-directional - a company provides funding/product, and 12 months later you report back on races won and stickers on the car. This method no longer works in the 21st century. Replace 'sponsorship' with 'partnership' in your vocabulary because it needs to be a win-win for both parties. The two most important elements under partnership are content and commerce - these are the 'two big C's.' Partners who were strong during the pandemic were producing and pushing content through their social channels even when they weren't racing. Just being a brand awareness exercise is no longer good enough.