With technological innovation continuing to transform how companies do business, more and more entities are looking to forge strategic alliances that leverage the commercial uses of intellectual property and other intangible assets. In this Q and A, Jim Nelson and Bill Russell, co-chairs of Venable’s Technology, Media, and Commercial (TMC) group, discuss their extensive experience facilitating such alliances; how innovation is impacting different industries; and some of the most exciting new developments in the field.
Q: What are strategic alliances and how do they work?
Bill: There can be infinite variations, but in its simplest form a strategic alliance is where one company has a particular service or product, another company has a particular service or product, and they both recognize that if they were to collaborate and put elements of those together, they can differentiate themselves in the marketplace, improve their existing product or service offerings, or create something entirely new. That’s where people like Jim and me come in. We understand how these relationships are built, we have the experience to know what generally works and what doesn’t work, and we have the skill to guide the parties in achieving their objectives, both collectively and individually, and to structure these objectives into a deal.