As Webworx’s resident Word Nerd, I am always enchanted by new words, and I recently stumbled across a new word, a new term, and a new idea …
A portmanteau of cooperation and competition, coopetition takes place when companies that are in the same market work together in the exploration of knowledge and research of new products, at the same time that they compete for market share of their products and in the exploitation of the knowledge created.
One example: the arrangement between PSA Peugeot Citroën and Toyota to share components for a new city car – simultaneously sold as the Peugeot 107, the Toyota Aygo, and the Citroën C1, where companies save money on shared costs while remaining fiercely competitive in other areas.
This reminds me of a sister term: frenemies. A relationship that allows for each person to be friends and enemies.As a web design and development firm with offices in Greenville and Atlanta, coopetition for us could involve working with advertising agencies or PR firms in the same cities to share markets and resources, while offering competing services in other areas.
Coopetition. A relationship that allows for each member to cooperate and compete.
Isn’t language – and the possibilities it creates – just great?