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To pool or share resources and know-how with a foreign company and subsequently share the rewards and risks of beginning a new venture in a foreign country, an organization would pursue a strategic alliance.
What is strategic alliance?
A strategic alliance is an agreement between two businesses to work together on a project that will benefit both parties while maintaining their individual freedom. Compared to a joint venture, which involves two companies pooling resources to form a new business organisation, the arrangement is less intricate and legally enforceable. A strategic alliance is an agreement between two or more parties to work together to achieve a certain set of goals while still operating as independent businesses.
Strategic alliances are not a fix-all for every business and circumstance. However, through strategic alliances, businesses can strengthen their market position, enter new markets, add necessary talents, and split the cost and risk of large-scale development initiatives.
Hence, To pool or share resources and know-how with a foreign company and subsequently share the rewards and risks of beginning a new venture in a foreign country, an organization would pursue a strategic alliance.
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