According to a survey conducted by Forbes Insights and K&L Gates, 38% of manufacturing executives are forming alliances or joint ventures to grow their businesses and stay competitive.
One major telecommunications company, for example, recently teamed up with the maker of a state-of-the-art augmented reality headset to drive 5G adoption. Another electronics company is partnering with a large bicycle manufacturer in North America to enter into the e-bike market. Some manufacturers are even joining forces with social media influencers as brand ambassadors to target new markets.
Unconventional partnerships like these can help manufacturers reduce the costs of developing new products, increase supply chain efficiencies and even prevent the theft of intellectual property. But they can also present challenges to legal teams. Here’s what legal teams can expect when manufacturers team up with others.