- June 23, 2021
True collaboration, if achieved, can be immensely powerful. A famous example was when Sony and Philips, two well established corporations collaborated for the development of the ‘Compact Disc (CD)’, single handily revolutionising the music industry. However, collaboration is not as easy as just utilising the additional resource, technology or expertise. So the question is what makes a collaborative venture a successful one as the news is constantly filled with the ones which fail?
Each joint venture or alliance has its own nuances, but the fundamental points of failure lie within basic business principles which repeatedly are overlooked when a collaboration begins. Before you know it, the project is wildly out of control, everyone has lost sight of the original intentions and each party is looking at the other for who is to blame. Below we will detail and investigate these principles:
Now looking to the future, with the ever increasingly connected world, collaboration is only going to continue to grow as more businesses seek expertise to navigate these new business environments. Here at Managementors, we have vast experience in setting up new ventures for success, helping collaborative efforts stay on track and also rescuing projects from failure.