Opportunity abounds
Gain access to new markets and channels, share intellectual property or infrastructure, or reduce risk.
When two or more organisations partner together to form a joint venture they share the ownership. This will usually include the profits and the risks, that are both shared among participants. Organisations in a joint venture work together and all participate in the governance, risks, and losses of a venture.
With a consortium, two or more organisations come together to pool resources for a common objective, which can be short or long termed. Day-to-day operations of the involved organisations making up the consortium are usually run independently, and individual organisational managment arrangements do not usually form part of the agreement for said consortium. Rather a governance structure is implemented for the consortia.
Could a partnership be right for you?
The more complex the business environment becomes—for instance, as new technologies emerge or as innovation cycles get faster—the more such relationships make sense.
Establish a clear foundation
The reality is that successful partnerships don’t just happen. Strong partners set a clear foundation for business relationships and nurture them.
Curious about partnership potentials?
At Smith Strategic we are always happy to chat. We have a global network and we partner with some of the best in the business.
If you are curious about how a partnership could work for you, feel free to reach out to us today.