Alliances are becoming core to strategy in a time when innovation capacity will determine future growth prospects and even relevance for many of today’s mainstream business. In today’s collaborative environment, business leaders can work together to provide an optimum solution that neither party could provide alone. Chief Executive Connections works to define, align and execute strategic alliances that catapult our client’s endeavors.
Empower the front line. Front lines are where a lot of innovation is happening today, and as a result, these alliances can mushroom quickly into strategic importance for a business, even if the capital commitments are relatively small.
Be prepared to balance the shift in control to act upon the opportunities that new forms of alliances may help unfold. When all parties to a Joint Venture or business alliance partake in the respective strategic rationale, i.e., how the value can be shared and the framework for the ongoing monitoring and management of the alliance, there is a far greater likelihood that the participants will be able to build a sense of mutual trust.
Become a partner of choice. As more US companies look toward alliances as a way to access different markets and technologies, it’s becoming more important to be the company that start-ups and established companies in other industries want to work with. Communicating the capabilities that your company can bring to the partnership is key – and so are CEOs who are willing to step in and protect the alliance when cultures start to clash.