In September 2016, life sciences company Bayer announced a merger with agricultural business Monsanto that amounted to a $66 billion deal. This merger of giants created one of the biggest agrochemical businesses in the world, and it could potentially lead to innovative creations and a wealth of success. It also serves as a high-profile example of a business partnership done right.
Steve Johnson, CEO, Missouri Partnership, discussed the effects of sound business partnership’s and their ability to drive growth and innovation in an article on Business.com.
“The partnership between Bayer and Monsanto promises to benefit the entire agtech industry,” said Johnson. “If business leaders carefully consider a few important qualities before choosing another company with which to work, partnerships between businesses of any size stand to turn out similar industry-wide benefits in their own sectors.”
“Since humans first began trading goods and services with one another, it’s been clear that one individual or entity can’t be the best at everything. Partnerships are valuable because they allow each company involved to focus on what it does best. Each business can continue its specialty work and rely on its partner for work outside its realm of experience,” said Johnson.