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How tech partnerships are yielding more innovations

They argued that by working closely with companies that are not direct competitors, firms are able to produce more competitive products and maximize profits.The first…

They argued that by working closely with companies that are not direct competitors, firms are able to produce more competitive products and maximize profits.
The first company that probably grabbed this advice is LG, which has partnered with some of the notable names in the tech and automobile industries. The firm said by cooperating with other firms, it has been able to combine the knowledge and experience of other companies with its own technological know-how. These partnerships have been instrumental in helping LG grow and extend itself across new industries. Even long before the CES’ advice, LG said it has extended its handshake across to many brands.
For example, LG partnered with PRADA in 2006 to create the PRADA phone, which has won many design awards. This partnership was successful as the addition of the PRADA name gave legitimacy to its award winning designs, and by September 2008, more than 1 million units were sold. In total, LG produced three different generations of the PRADA phone, culminating in the PRADA 3.0
Another example can be drawn from the partnership with GE for technological cross licensing that enabled the companies to share patents on kitchenware and refrigerators.
Both of these cases highlight how the business principles explained earlier enable the company to make superior products, enhance its reputation and increase total brand exposure.
German automaker Mercedes-Benz has a long and distinguished history of providing some of the best-performing luxury vehicles on the planet. Though Mercedes-Benz has always sought to give its loyal customers the perfect driving experience, the company realized that for some the perfect driving experience means that the one sitting behind the wheel isn’t necessarily doing the driving.
Mercedes-Benz chose to partner with LG to create the Advanced Driver Assistance System (ADAS) because it was impressed with the company’s next-gen camera system technology. The automaker believed that combining LG’s technology with their own 6D Vision technology would result in a safe and reliable driverless system which would allow Mercedes-Benz owners to turn the real-time decision making over to their car at any time. The joint project will enable LG to harness its extensive experience and comprehensive R&D capacity in camera systems, computer vision algorithms and electronics technologies to elevate Mercedes-Benz’s existing ADAS technologies.
Though Google cooperated with many companies to develop cutting-edge android smartphones, it opted for an intimate partnership with LG in order to create the Nexus 4 and Nexus 5. These additions to the Nexus smartphone line combined the best of LG hardware and Google software, resulting in a formidable smartphone that boasts both incredibly advanced features and unprecedented ease of access. LG and Google were both very proud of the Nexus-series smartphones and the experience led both companies to seek out other areas where the two technology leaders could work together. In November 2014, Google and LG inked a 10-year patent sharing agreement that solidifies the ties between the companies and allows them to build on one another’s progress in order to provide consumers with the best possible products and services. The steps that Google was willing to take in order to strengthen its ties with LG indicates the faith that it has placed in LG’s ability to consistently deliver advanced smartphones.
LG has entered into business partnerships with a myriad of other companies and these relationships have been beneficial to the company in many ways.
In 2013, LG Electronics was able to reach an agreement with MTN Business, the business-to-business entity of MTN Nigeria to have MTN broadband internet services bundled with LG smart TVs sold in Nigeria.
The deal made it possible for customers who buy LG Smart TV to also access MTN HyNet, the 4G broadband internet service offered by MTN Business.
Commenting on the partnership, the General Manager, Home Entertainment, LG Electronics West Africa Operations, Mr. Steve Ryu, said, “This unique partnership is ultimately about meeting the needs of our customers in a bid to provide cutting edge technological products and services to them in comfort and style.”
Also speaking on the partnership, Chief Enterprise Solutions Officer of MTN Nigeria, Babatunde Osho said “with Smart TVs increasing in popularity, the need for a high-speed internet service, like MTN HyNet, to enable customers take advantage of the Smart TV technology, could not be overemphasized.”  
On the whole, LG is partnering with several companies on various initiatives where it is reaping the benefits of superior products, enhanced reputation and increased exposure. So far, these collaborations and synergy is making first-rate products available all for consumer benefit.

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