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technologies in the hope that, through effective integration and management of these different technologies, potential products are identified that are greater than the sum of their parts. In other words, through integrating multiple technologies from numerous alliances or ventures, new products can be identified that would not have been found without such an effort. |
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III.
Personal Introductions: Internal and External Assessments of Both Yourself and Your Potential Partner. |
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As in any personal relationships, which alliances and joint ventures are, it is important to know whom you are going to meet and also to know who you are. In most cases, there is often very little time spent in understanding who we are as companies and as individuals before we get into a steamy affair. Let us not forget, we are after long-term relationships, not one-night stands. For long-term relationships to develop, there needs to be an aura of respect, openness, understanding, and trust. One-night stands are built mostly on blind passion and lust, which are hardly the qualities or emotions needed to sustain long-term relationships. |
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In many instances, companies follow a trend, rather than try to fully understand and visualize their goals, needs, expectations, capabilities, and capacities. This approach has led many organizations down a garden path that ends up in an unsightly divorce. These painful and/or costly experiences often lead to an aversion to try a new relationship, where in fact, mutual benefit could be realized. |
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Before any type of alliance or joint venture is pursued, it is important to address two basic questions: 1) What kind of a company are we?, and 2) What is our long-term vision and strategy? |
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To address the first question, it is helpful to take some time with the right people within your organization and address the following questions: |
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A. Do you have a clear vision of what the company will be? If so, does everyone understand it, buy into it and actively pursue it? Does everyone interpret the words to mean the same thing? Do your budgeting and planning activities move the company toward satisfying that vision, or are they short-term focused? |
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B. Is your company competing in a broad-based industry (e.g., health care), or is it focused (e.g., pharmaceuticals)? |
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C. Within that industry or industry segment, is it participating in the broadest markets or is it a niche player? |
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