How times have changed in the past ten years. Companies I would have viewed as major competitors at the turn of 2000 have now become close allies – we are sharing knowledge, IP, business ideas and revenue streams. It strikes me that collaboration is very much embedded within the mindset of the forward thinking organisations I meet on a day-to-day basis. Those that hold their cards too close to their chest will almost certainly miss out on new business and product opportunities. Collaboration can present itself in many formats:
- Businesses with complementary skills coming together to bid for large contracts – one where the mix of expertise and geographical coverage offers massive benefits to a customer. This can be achieved as a consortium or through what is commonly referred to as a special purpose vehicle (SPV)
- Companies fusing complimentary products and services to create a new offering – WP did this several years ago, we took creative expertise of a University and combined it with coaching techniques to create the highly successful Winning Pitch TV (WPtv) – a great example of HE working with a SME
- Euro Garages one of the North’s most successful companies brought together petrol stations with Starbucks and Subway franchises to build a new experience in filling the tank.
- We see it everyday on the motorways with Starbucks, M & S and other high street chains teaming up with service operators to create a new service station break – this used to be a joke in terms of food quality, now, very different
- Large pharma companies engaging with smaller niche R & D operators. A much nimbler and cost effective route for multi nationals to build their innovation pipeline
Fundamental to collaboration is a win- win attitude, there has to be a common goal, a shared vision, a sense of trust and purpose, fair commercial gain for both parties. Working as I do everyday with high growth companies, its very clear that those entrepreneurs who think partnership are opening themselves up to so many new possibilities. Stay awake, think about who you can collaborate with, the only warning is, be sure why you are doing it and what’s in it for both of you!