We hope you’re ready to learn about joint ventures. We’ll tell you what they are and explain how they apply to Gitga’at Development Corporation (GDC).
Joint Ventures, Simplified
The saying ‘two heads are better than one’ is an easy way to think about joint ventures. A joint venture is when two or more companies partner together. Working together lets companies share resources, like materials or money. They can also benefit from each other’s knowledge.
There are different types of joint ventures. These partnerships benefit both companies. Here are some examples:
- A building developer partners with area experts to develop some land.
- A small business sells its products through a bigger company to reach more customers.
- Technology company partners with a marketing company to launch a new product.
What’s the Benefit of a Joint Venture?
There are many reasons companies create these partnerships. A joint venture can help you reach a goal, like making a new product. A product doesn’t appear on its own. You need tools, money, and know-how. If you only have tools, you need a partner who has money and know-how.
Successful joint ventures offer many perks, including:
- More resources, such as knowledge, access to technology, and funding
- Working faster, since you have more resources
- Shared risk and shared costs with a partner
- Access to markets and networks you know about
- Access to markets and networks that are new
- And more
Joint Ventures and Indigenous Communities
The number of Indigenous-owned and operated businesses is growing. Partnering with a private company can be a good opportunity. They can make it easier for Indigenous-owned companies to grow. The JV relationships are also a reflection of the fact that Nations should benefit from the economic activities in and on their traditional territories.
Joint ventures can help Indigenous communities grow their economy and create jobs – this creates benefits for both partners.
When communities find the right partners, they can take part in business opportunities. Joint ventures with Nations or Development Corporations need participation from the community. Indigenous communities have many resources, contacts, specific knowledge, and area experience. These are strong assets in a partnership.
If you want to learn more, The First Nations Joint Venture Partnership Tool Kit is full of useful information.
Joint Ventures and Gitga’at Economic Development Corp
As the Gitga’at Nation’s economic development corporation, we choose our partners carefully. We only partner with high-performing companies across many industrial sectors, and they must use the land in a way that does not conflict with Gitga’at culture and values. We find partners who work within the civil, mechanical, and electrical fields. They bring us value by providing reliable services and the resources we need.
One of our joint venture partnerships is with Waiward. They work within our values of territorial sustainability and community wellbeing. We have a partnership as of November 12, 2019, operating as Gitga’at Waiward Industrial Ltd. You can find our full group of partners list on the GDC website.
Resources: Info Entrepreneurs (Joint Ventures and Partnering)