) How to Form International Joint Ventures
Forming an International Joint Venture is a complex process that needs a thorough understanding of the legal, economic and cultural backgrounds of the companies that are to form the venture. This also includes a complete legal documentation and complete agreement of both parties in their terms and conditions. Thus, an assistance of corporate lawyers well versed in international laws is needed to get the thing done.
In addition to this, comprehensive planning and consultation to the lawyers are necessary to make it successful, a win-win situation for the ventures’. Focusing on the goals the companies want to achieve, profit and resource sharing of their products and services are also needed. To narrow it down, this involves the following:
• Transfer of Technology
• Coming up a Board of directors for the new formed company
• Environmental issues
• Employee related facts
• Dispute resolution agreements and
• Termination of the venture
Their organization's representatives/joint venture team should discuss these specific terms and conditions, and its task and outputs. When everything seems to be going smoothly, the team should monitor and manage all the incoming changes and unanticipated events that may occur during the process. This will ensure the survival of the venture in all the dilemmas it may have. Hence, representatives of both companies in the venture make sure that every action taken is done for their betterment.
The venture should also have a relatively and completely different target/goal that will certainly promote growth to their revenues. A few good examples of such are the Google and Samsung partnership that consolidated their goals and resources and came up with Google phone; CNN and ESPN Partnership, Texas Instrument or Intel and Brazilian universities, who despite the risks, have managed to make it successful. With a team conditioned to have a progressive mindset that appropriately adapts to the ever changing, dynamic business phenomena, automatically refers to the well-discussed and agreed terms and conditions, and take corrective actions, sometimes out of the box, if necessary; the venture will flow like water.
Here's to your success
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- Rivers Corbett
- Rivers Corbett, MBA is an award winning entrepreneur, speaker, and author of "13 Fears of Entrepreneurs" He has received numerous business honors including Entrepreneur of the Year, Canada's Hottest Start-ups List and Canada's Fastest Growing Companies list through Profit magazine and most recently recognized as one of Canada's 10 Mentor RockStars.. Rivers is presently a member of Startup Canada's National Advisory Council, founding entrepreneur of StartUP Fredericton & the "Entrepreneur in Residence" at the University of New Brunswick. His real joy and expertise is being a StartUP Advisor and "zagging while everyone else zigs"...like his two newest businesses ventures the Relish Gourmet Burgers restaurant chain and TheRockStar StartUP for StartUP entrepreneurs. Oh... he is also the leader of a team of over 25 chefs through his other company The Chef Group. Not bad for a guy who hates to cook. Always looking for a new idea to help businesses' succeed...this is his newest marketing discovery for StartUPs The Lyoness Advantage. "Rivers is a 21st century entrepreneur, he's the one to watch" - Jim Gilbert: Canada's Huggable Car Dealer!