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Consortium: meaning, definitions and examples

๐Ÿค
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consortium

 

[kษ™nหˆsษ”หสณสƒษ™m ]

Definition

Context #1 | Noun

business

A consortium is a group of companies or organizations that join together to work on a project or to share their resources.

Synonyms

alliance, coalition, group, partnership.

Which Synonym Should You Choose?

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Word Description / Examples
consortium

A consortium is often used in a business or academic context when multiple organizations come together to work on a specific project or goal, usually involving pooled resources or expertise.

  • The university joined a consortium of research institutions to study climate change
  • The technology companies formed a consortium to develop new AI standards
group

Group is a very general term that can be used in any context to describe any collection of people or entities that come together for any purpose, without the implication of formality or long-term objectives.

  • She joined a book reading group
  • The working group meets every Monday to discuss project updates
alliance

An alliance is generally used in political, military, or strategic contexts where parties come together to achieve common objectives. It implies a formal agreement and shared long-term goals.

  • NATO is a military alliance between North American and European countries
  • The two political parties formed an alliance to pass the new legislation
coalition

A coalition is usually temporary and formed for a specific cause, often in political or activist contexts. It can involve various groups coming together to achieve a short-term or specific objective.

  • The environmental groups formed a coalition to protest the new industrial project
  • A coalition of NGOs worked together to provide disaster relief
partnership

A partnership implies a formal relationship between two or more parties who agree to cooperate for mutual benefit. It is often used in business, legal, or professional contexts.

  • The two companies entered into a partnership to develop a new product
  • The law firms have a strategic partnership to provide better services to their clients

Examples of usage

  • The consortium of companies successfully bid for the construction project.
  • Our university is part of a consortium of research institutions working on climate change.
  • The consortium aims to promote collaboration between different industries.
  • The government formed a consortium to tackle the issue of cyber security.
  • The consortium members meet regularly to discuss progress and share updates.

Interesting Facts

Etymology

  • The word has roots in Latin, from 'consortium', meaning 'partnership' or 'association'.
  • It originally referred to the relation between a husband and wife, indicating a close relationship.
  • The modern use started to gain traction in the late 19th century as businesses started collaborating more.

Business

  • In business, a consortium often forms to pool resources for large projects, like construction or research.
  • These groups can minimize risk by sharing investment costs and expertise among members.
  • A notable example is the consortium that operates the International Space Station, combining efforts from multiple countries.

Technology

  • Many technology startups form consortiums to collaborate on innovations and standards for new technologies.
  • For instance, major tech companies frequently join forces in consortiums to develop and promote new internet standards.
  • The Bluetooth Special Interest Group is a classic example of how companies collaborate to innovate.

Education

  • Educational institutions often form consortiums to share resources and collaborate on research.
  • Such partnerships might include agreements for student exchanges or joint research projects.
  • The Ivy League schools form an academic consortium to enhance educational opportunities for students.

Legal

  • In legal terms, consortium also refers to the rights of a partner in a relationship, such as emotional support.
  • Legal consortium can also involve claims for companionship damages in lawsuits.
  • The concept highlights the importance of relationships not just in business, but also in personal contexts.

Translations

Translations of the word "consortium" in other languages:

๐Ÿ‡ต๐Ÿ‡น consรณrcio

๐Ÿ‡ฎ๐Ÿ‡ณ เคธเค‚เค˜

๐Ÿ‡ฉ๐Ÿ‡ช Konsortium

๐Ÿ‡ฎ๐Ÿ‡ฉ konsorsium

๐Ÿ‡บ๐Ÿ‡ฆ ะบะพะฝัะพั€ั†ั–ัƒะผ

๐Ÿ‡ต๐Ÿ‡ฑ konsorcjum

๐Ÿ‡ฏ๐Ÿ‡ต ใ‚ณใƒณใ‚ฝใƒผใ‚ทใ‚ขใƒ 

๐Ÿ‡ซ๐Ÿ‡ท consortium

๐Ÿ‡ช๐Ÿ‡ธ consorcio

๐Ÿ‡น๐Ÿ‡ท konsorsiyum

๐Ÿ‡ฐ๐Ÿ‡ท ์ปจ์†Œ์‹œ์—„

๐Ÿ‡ธ๐Ÿ‡ฆ ุงุชุญุงุฏ

๐Ÿ‡จ๐Ÿ‡ฟ konzorcium

๐Ÿ‡ธ๐Ÿ‡ฐ konzorcium

๐Ÿ‡จ๐Ÿ‡ณ ่”็›Ÿ

๐Ÿ‡ธ๐Ÿ‡ฎ konzorcij

๐Ÿ‡ฎ๐Ÿ‡ธ sameining

๐Ÿ‡ฐ๐Ÿ‡ฟ ะบะพะฝัะพั€ั†ะธัƒะผ

๐Ÿ‡ฌ๐Ÿ‡ช แƒ™แƒแƒœแƒกแƒแƒ แƒชแƒ˜แƒฃแƒ›แƒ˜

๐Ÿ‡ฆ๐Ÿ‡ฟ konsorsium

๐Ÿ‡ฒ๐Ÿ‡ฝ consorcio

Word Frequency Rank

At position #13,009, this word is part of sophisticated English vocabulary. It's useful for academic or professional contexts where precise language is needed.