Why there’s never been a better time to partner with your competitors
A mashup of “cooperation” and “competition,” “coopetition” describes a scenario in which competing entities (usually businesses) collaborate on an effort of mutual benefit.
We see examples everywhere these days, such as the recent partnership between pharmaceutical rivals Pfizer and BioNTech to collaborate on a COVID-19 vaccine. Each company could have gone it alone, but both realized that as partners they could quicken the pace of clinical trials, get a product to market faster, and grow each of their businesses more than they could separately.