Strategic partnership

A strategic partnership is a formal relationship between two or more organizations that agree to work together towards common goals while remaining independent. This collaboration allows them to share resources, knowledge, and expertise, enhancing their competitive advantage. Strategic partnerships can involve joint ventures, research collaborations, or co-marketing efforts and are often designed to leverage each partner's strengths to achieve objectives that would be challenging to accomplish alone. Ultimately, these partnerships aim to create mutual benefits, improve efficiencies, and foster innovation.