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consortium

noun

/kənˈsɔːtɪəm/

IPA:

Dictionary definition of consortium

A group of organizations, companies or individuals who come together to work on a common project, venture or goal.
"The consortium of companies was able to negotiate better prices for raw materials."

Detailed meaning of consortium

It is a form of collaboration that enables members to pool their resources, knowledge and expertise to achieve a shared objective. Consortiums can be formed for a variety of purposes such as research and development, joint ventures, mergers and acquisitions, and public-private partnerships. The members of a consortium can be from different industries, sectors or countries and can vary in size and structure.
The term implies a sense of cooperation and collaboration, and suggests that the person, thing or situation described as a consortium is a group of entities working together towards a common goal. It implies a sense of shared resources and efforts.
It is important to note that consortiums can also imply a sense of flexibility and adaptability, as members can come and go depending on the project or venture, and can also imply a sense of risk-sharing, as members can share the risks and benefits of the project or venture.

Example sentences containing consortium

1. The consortium of tech giants collaborated on a groundbreaking research project.
2. The university formed a consortium with local businesses to boost innovation.
3. The international consortium secured funding for the humanitarian mission.
4. The consortium's diverse members brought unique expertise to the table.
5. Investors joined the consortium to fund the ambitious startup venture.
6. The consortium of artists and musicians organized a cultural festival.

History and etymology of consortium

The noun 'consortium' traces its etymology to Latin. It is derived from the Latin word 'consortium,' which means 'partnership' or 'association.' In the context of business and collaboration, 'consortium' refers to a group of organizations, companies, or individuals who join forces to work on a common project, venture, or goal. These entities come together as partners or associates, pooling their resources, expertise, and efforts to achieve a shared objective that may be too complex or extensive for one entity to accomplish alone. The term 'consortium' highlights the collaborative and cooperative nature of such alliances, emphasizing the idea of partnership and mutual support among the participating members.

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Further usage examples of consortium

1. The consortium of airlines streamlined travel options for passengers.
2. The pharmaceutical consortium aimed to develop new life-saving drugs.
3. Universities worldwide participated in a global education consortium.
4. The consortium's success relied on effective communication among members.
5. The consortium gathered to discuss the latest advancements in renewable energy.
6. A group of universities formed a consortium to share their resources.
7. The bank joined a consortium that aimed to improve financial services in rural areas.
8. The government rejected the bid from the international consortium for the construction project.
9. His startup became part of a consortium that focused on AI innovations.
10. An automotive consortium recently unveiled a new electric vehicle prototype.
11. The library consortium enabled access to a wider range of books and journals.
12. The space exploration consortium announced its plans to send a mission to Mars.
13. Members of the consortium pledged millions of dollars for hurricane relief efforts.
14. The farmers' consortium decided to purchase machinery collectively to save costs.
15. The consortium of scientists published a groundbreaking study in genetics.
16. The telecommunications consortium is set to deploy 6G networks in major cities.
17. A consortium of investors purchased the historic building for restoration.
18. The consortium met resistance from local communities regarding their mining project.
19. Her company is part of a consortium developing eco-friendly packaging solutions.
20. A consortium of hospitals is conducting a large-scale study on a new drug.
21. The consortium disbanded after disagreements between the member organizations.
22. A consortium of tech companies collaborated to combat cyber threats effectively.
23. The educational consortium is hosting a series of webinars for teachers and students.