The recent wave of business collaborations has shaken up the market for the better. Chiefly the fashion industry has come up with the most iconic collaborations such as that of Obetee and Shantanu & Nikhil for tapestry themed designer rugs. Collaboration is increasingly becoming a necessity for the entrepreneurs to thrive in the competitive market and is a great helping hand to their growth curve. Recently, India has seen a surge of business collaborations in the market particularly in the fields of e-commerce, FinTech, Health Tech and Ed-Tech. The strategies behind these collabs have worked successfully and helped the businesses to synergise their efforts and greatly scale up their companies all the while creating a profound base of customers.

A business partnership benefits a company greatly. Most importantly it provides a new outlook to the company to help them think differently and approach their customers in a more distinct way which might help them grow. Moreover, a good association can greatly reduce costs and the time taken to finish a work as the task is now distributed over a greater number of employees and the workload of an individual is reduced. It also helps to smoothen the work procedures greatly, leads to a more centralized planning and cuts down the rework. Lastly, if the company is more popular among the public then its association helps the other company to become a common name among the people.

There are a variety of methods to collaborate in the market but the most famous ones are internal collaboration, external collaboration, community cooperation, strategic alliance collaboration and network collaboration but they have one common goal: PROFIT. Businesses cooperate among themselves and with other entities for profit and to enhance their success rate. Collaboration brings in additional experience, exertion, and skills, which contribute to the company’s efficiency and, thereby, its growth. The modern market is merciless and business collaboration is an unique way to tackle the ruthless competition of the business industry and blossom.