Obtaining Technology

Obtaining an Innovation Strategy
Name
Institution
Obtaining an Innovation Strategy
As technology continues to advance and administration becomes complex, companies realize that there is much to be done that they cannot manage on their own. It is the reason firms embrace external methods such as alliance, joint venture and merger or acquisition to obtain other companies’ resources or knowledge. Companies also acquire these methods to share any risks involved, enter a new market, assist the firm to overcome competition in the market or adopt new technology among others. For an organization to perform any of these methods it has to decide on the intended goals, work towards achieving them and examine the progress it is making towards achieving the set goals (White & Bruton, 2010). The firms involved should consider the elements of strategy implementation which include integration, leadership, execution, and alignment before taking action. When planning, the firm looks at all the possible considerations that will assist them in selecting a partner as they evaluate the actions taken by their competitors. During implementation, the organizations put down short term and long term goals and come up with ways of achieving them before taking action. Evaluation and control are done to determine the effectiveness of the partnership and to make any adjustments if need be (White & Bruton, 2010).
Joint venture occurs when two companies combine fund…