Coopetition
Coopetition, a blend of "cooperation" and "competition," is a strategic business approach where companies, usually direct competitors in one area, decide to form collaborative partnerships in another, creating inherent tension within the partnership. This situation is frequently found in the partnership field and requires a carefully formed alliance that acknowledges the boundaries between collaborative and competitive areas. For coopetition to be sustainable, it demands highly honorable partners. Coopetitive partnerships are complex and challenging to manage but are becoming increasingly common among major strategic partnerships. These collaborations can lead to increased innovation, cost reduction, and access to new markets, ultimately benefiting both parties involved.