The benefits of collaboration and what you can do to ensure you protect your business and ideas are considered by Leon Deakin, Emma Stevens and Cathy Kirby from Coffin Mew’s technology sector.
Effective collaboration can be hugely valuable to businesses in all sectors, allowing opportunities for the sharing of knowledge, experience and opportunities. Law is no exception to this and we see collaboration regularly in a number of forms – between our clients and third parties and between clients and their professional advisers.
In the fast-paced technology sector, collaboration can bring a number of benefits for both scale/fast growth businesses but also the established tech giants. In particular, key benefits include:-
- The sharing of expertise, knowledge and resources, which can lead to cost savings and efficiencies;
- The opportunity for trouble-shooting and problem-solving, which can offer different perspectives on a problem and can speed up development processes; and
- The potential for mutual business opportunities and/or cross-promotion.
Indeed, collaboration between small and large is common, as the scale business can be nimble and innovative, whilst the giant has the backing and resources to make it happen and quicker.
Many small-scale organisations are now operating from less traditional workspaces, such as co-working office spaces, which for many are not only cost effective, but provide the added value which comes from working with other entrepreneurs.