In a strategic partnership the partners remain autonomous; split the benefits from, risks in and control over collaborative activities; and make continuing impacts in strategic fields. Most often, they are created when organizations need to develop innovative competencies within their current business (Henderson, 2014). Strategic partnerships can take the structure of joint venture, minority equity investments or non-conventional contracts (such as joint research and development, long-term sourcing, mutual services/distribution).
Pathway to strategic partnership
An organization recently ventured into the renewable energy field and was in dire need of a reputable strategic partner. We ascertained the best strategy was to seek a global company with a stellar track record in the renewable energy field.