Problem Solving with your Competition
Coopetition. A phrase which has been around for probably longer than you imagined. This is the idea that businesses collaborate with each other to try and blend two priorities. At first, this might seem like a crazy idea, you might think of questions such as “Why would I let my competitors know about my strategy?” and much more; but I believe the benefits outweigh the negatives, especially after a long period of time.
I have recently spoken about the benefits of a business partner and close connections, and of course having either or will be a huge plus for the startup. But when you really think about it, your competitors know your market more than anyone, as evidently they have been around here for longer than you have.
There are many huge examples of Coopetition, with the most notable being Apple and Samsung. It might seem to most that they are always competing, with the iPhone coming up against the Galaxy. Most do not know, though, that Samsung actually supply Apple with their screens. It’s this level of collaboration which keeps both companies happy and constantly prospering.
Before considering coopetition, make sure that you have a clear understanding of your business, its functions and what makes you unique. You don’t want to be sharing parts of your business which you are trying to differentiate from others. Instead, areas where you are both working towards the same ultimate goal.