Impact International Trends (2014) reports that outward collaborations are new trends that can help an organization build momentum. Businesses recognize the importance of developing strategic partners in the same market space. What may seem unusual, due to the risk, when properly executed and managed can yield positive long-term benefits.
Strategic alliances can help develop new support systems and increase strength through pooled knowledge and resources. Research suggests 77% of organizations surveyed were willing to collaborate with a competitor provided incentives were offered such as cost-cutting, increased innovation, technological advancement, and benchmarking.