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

Startup

Scenario:

We're looking to expand our market reach. Teaming up with an e-commerce platform could provide the boost we need.

Response:

An industry-partnership with a top e-commerce platform could dramatically increase our product visibility and sales.

Academics

Scenario:

We need to boost our university's cutting-edge research and development. Collaborating with an industry leader could be a strategic move.

Response:

Engaging in an industry-partnership with a pharmaceutical leader would greatly enhance our research facilities.