Comprehensive planning and consultations are necessary to pull a successful and win-win joint venture. The required activities will cleanly draft the joint venture agreement. Special focus in the joint venture agreement is the profit and resource sharing and quality products and services.
Before the sharing terms and conditions are made, goal of the joint venture is the primary point for planning and consultations. The goal shall not entirely be new. Organizations shall discuss and write existing organizational goals in the joint venture agreement, only but pursued in a new strategic way. CNN-ESPN venture is one, where delivery of sports news is already an existing platform of both media giants.
The venture shall also have a relatively new goal. Organizations can consolidate each respective goal to make a new goal. Google and Samsung partnered, consolidated their goals and resources and came up with Google phone. Ventures shall also entirely have new goal. Texas Instrument or Intel and Brazilian universities did. They implemented a health and education project, which entirely are not within their operations, in the Amazon.
The clear goal shall then outline the specific objectives, tasks and outputs of each organization in the joint venture. At this point, organizations discuss more tangible joint venture agreements. For CNN and ESPN, their partnership aimed to deliver global sports news; Google phone for Google and Samsung; a digital village with good education and health facilities in Amazon for Intel and universities.
Organizations shall then discuss the specific terms and conditions to perform the specific objectives, tasks and outputs. Terms and conditions would include joint venture sites, venture management team, implementation period, resources, revenue sharing and other special agreements. Revenue sharing can however be drafted separately. Organizations shall also insert standards of product and/or service under the specific terms and conditions. It shall include mechanisms to ensure delivery of quality outputs, as agreed.
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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!