industry-partnerships

Vocabulary Word

Definition

Industry-partnerships are when businesses from the same or different sectors collaborate to achieve mutual benefits. It’s like two soccer teams playing together to win a bigger tournament.

Examples in Different Contexts

In the automotive industry, 'industry partnerships' often involve collaborations between car manufacturers and tech companies to develop new features, like autonomous driving systems. An automotive executive might state, 'Our industry partnerships are crucial for innovation and staying competitive in the market.'

Practice Scenarios

Business

Scenario:

Our company must explore new avenues to improve our technology. Collaborations with innovative tech firms could be beneficial.

Response:

An industry-partnership with a renowned tech firm would introduce us to advanced digital skills and tools.

Tech

Scenario:

With the rapid advancement in AI, we need to stay ahead in the game. A partnership with a research institution could propel our innovation endeavours.

Response:

Forming an industry-partnership with a prestigious AI research institution would enhance our technological capabilities.