Nearly all entrepreneurial courses have a team-based project work aspect that gives the learners an opportunity to see the rewards of working hard to achieve a common goal. Outside the classroom, collaboration between entrepreneurs has been seen to produce successful results with some of the most common household names exhibiting the importance of collaboration. Some of these examples are Larry Page and Sergey Brin forming Google, Steve Jobs and Steve Wozniak forming Apple, and Bill Gates and Paul Allen with Microsoft. Huge companies have also been seen to collaborate to achieve a certain goal, with some of the famous partnerships including Cocacola and Heinz, GoPro and Red Bull, Starbucks and Spotify and UNICEF and Target.
Collaboration for entrepreneurs has become about combining the skills of businesses from different industries with a goal of coming up with new services, products, and processes to better serve their clients. Some of the reasons collaboration is important include:
- Great collaborations have enhanced customer experience as it often results in products and services that meet the customer needs in more than one way, and this goes a long way in ensuring customer loyalty.
- Collaboration has been seen to increase the resources that organizations have access to through pooling of resources that each party brings to the collaboration.
- Coming together creates a collective of ideas from which the best ideas emerge, something that is not possible when working as an individual entrepreneur. Ideas are brought together and discussed in detail enabling the best ideas to take centre stage and be executed.
- Two brains are better than one and this means that in a collaboration, problem solving and decision making is an easier process as opposed to when done in isolation.
- Collaboration increases the customer base that one has access to, enabling organizations and individuals to tap into new markets that they might have not previously been able to reach.
- Collaborations spur revolutionary ideas that might have not been possible without the access to resources and networks that collaborations otherwise afford organizations.
- Collaborations when done right significantly increase earnings for both organizations from one particular venture.
- Collaborations are an effective tool to help organizations break into new markets, build their business and boost awareness by collaborating with organizations that are already well established in certain regions or to a specific clientele.
- Collaboration provides a chance for knowledge sharing between entrepreneurs as everyone comes with different ideas and in the age of information, it helps to have more people on board in one project.
- With a fast-evolving world, collaboration for innovation has enabled companies to be agile enough to adjust and meet their clients ever changing needs without having to do a full organizational overhaul.