Collaboration (International Joint Ventures)

Collaboration is a phenomenon on the basis of which the knowledge, skills and experience of multiple teams

or organizations are brought together to contribute to the emergence of a new product in a more effective way. In other words two different bodies put in their efforts to come up with something new using their resources. An important point to remember here is that all the joint ventures are mutually beneficial.

Effective and efficient collaboration requires activities on different facets:

• Availability of required resources

  Mainly joint ventures are to launch a new product or expand the activities of the business. But finding another person is not so easy. A good collaborator would be one who fulfils your need of the resources or facilities that you are lacking. For example your distribution partner provides you the facility to expand to the deepest areas of a region.

• Existence of a culture that favours collaboration, teamwork and cooperation

  The most important point to consider while you are making a decision about collaboration with another company it must be made certain that the team favours this cooperation otherwise your efforts might turn into failure with big monetary loss. If not that the collaboration will provide you with no profits.

• Properly defined responsibilities of the team members

  Everyone who is a part of the venture should have a clear idea about his or her duty. This would ensure a fruitful collaboration.

• Sharing of information

  Collaboration requires sharing of information. So before entering into any joint venture you should be sure of what information the company is willing to provide. On the other hand you should not keep any necessary or relevant information from your partner.

• Virtual or otherwise collocation

  Both the parties should be located such that they are in contact with each other. If the parties cannot meet physically then at least they should be able to correspond virtually. Two parties who are not in contact with each other cannot collaborate.