Networks of thematically related companies and institutions in close, geographic proximity that - through competition and collaboration - have the potential to produce more efficient economic output as a group than they could individually. ( For more information, click here.)Ĭluster / Industry Cluster / Innovation Cluster It provides a coordinating mechanism for individuals, organizations, local governments, and private industry to engage in a meaningful conversation and debate about the economic direction of their region. A CEDS is the result of a “regionally-owned” planning process designed to guide the economic prosperity and resiliency of an area or region. In economic development, capacity building is the development or improvement of community assets that businesses need to succeed.įor purposes of grants administration, the Economic Development Administration defines coal communities as places or regions that can reasonably demonstrate how changes in the coal economy have resulted or are anticipated to result in job losses and layoffs in any coal-reliant commercial sector.Ĭomprehensive Economic Development Strategy (CEDS)Ī strategy-driven plan for regional economic development. The EDA was charged with administering $3 billion of the ARP Act.Ī concept describing the sustainable use of ocean and lake resources for economic growth that originated at the 2012 United Nations Conference on Sustainable Development. ,United Launch Alliance: Combining the forces of two aerospace giants, (Liaoning%20Province).A program, often sponsored by a university or nonprofit organization, that works with entrepreneurs and start-up companies for a short and defined timeframe to help them reach the next phase in their growth.Ī $1.9 trillion economic stimulus program enacted by the U.S.BMW Group Press, BMW Group strengthens partnership in China: Extension of Joint Venture Contract until 2040 enters into force, (Liaoning%20Province).SignifyResearch ,Caradigm Sale – The Final Step in GE’s Exit From PHM/Value-based Care,(Nasdaq%20%E2%80%9CMSFT%E2%80%9D)%20today,quality%20and%20the%20patient%20experience.Microsoft, Microsoft and GE Healthcare Complete Joint Venture Agreement, (Nasdaq%20%E2%80%9CMSFT%E2%80%9D)%20today,quality%20and%20the%20patient%20experience.In that case, engaging in a joint venture arrangement with a local business may be beneficial. Suppose a firm wishes to expand its distribution network into other nations. Another widespread use of joint ventures includes joining forces with a local company to break into an international market. When brought together in a joint venture, each firm may reap the benefits of the other's knowledge and ability inside their organisation.Įnter Foreign Markets. Two firms or parties creating a joint venture can have distinctive histories, skill sets, and areas of expertise. One business may have a well-established production process, while the other company may have more robust distribution methods.Ĭombined expertise. When two businesses form a joint venture, they can pool their resources and work toward a common objective more effectively. By making use of economies of scale, both enterprises participating in the joint venture can leverage their production at a lower cost per unit than they could achieve individually. Major corporations and smaller businesses may work together in a joint venture to undertake a single or several large projects.Ĭompanies' participation in joint ventures has four primary motivations: cost savings, leverage resources, combined expertise, and entering foreign markets.Ĭost Savings. Organisations may establish joint ventures for production purposes, research purposes, etc.
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