Alexander Wang collaborated with H&M to provide budget friendly looks for events/parties. Understand that this was a collaboration between a high end designer and a “price friendly” retail company producing high end fashion looks on a not so Alexander Wang budget.
However collaborations do not have to be within the same industry for example: Starbucks and Spotify, a coffee shop and a music streaming platform. Starbucks providing its customers with a good music ambiance while having a cup of coffee and Spotify being exposed to Starbuck’s millions of customers.
A local flower business and a children’s shop can come together and create gift boxes/hampers to sell to expecting couples. This then expands their market exposing their collaborated business to a new market of people and in the process they are exposing their individual businesses to more people as well.
Collaborations are a great way to build connections with other entrepreneurs, to grow your business, and expand it. However some businesses will not look past the competition factor or pride factor and want to work in solitude.
Unfortunately you cannot avoid the inevitable. Business collaborations will be on the rise in South Africa and those that participate will grow further, and leave a greater footprint, than those who remain isolated from the entrepreneurial environment that these collaborations will create.