What Is an Industry Consortium?

by Forest Time

An industry consortium is a group that involves representatives from several different companies. Usually, consortia are composed of companies from within a single industry. For example, the SOI Industry Consortium is a group of electronics companies. The Generation mPower Industry Consortium is a group of electricity companies. Industry consortia are typically formed to address issues of far-reaching significance within an industry.

Why Form Consortia?

One reason that a group of companies might put aside competition to come together would be to develop or advertise new technologies so expensive that it is too risky for one company to do it alone. Another is to draft uniform regulations or codes of conduct that will govern individual companies throughout an industry, or to set standards for the licensing of professionals within an industry.

Photo Credits

  • Jupiterimages/Goodshoot/Getty Images
Suggest an Article Correction