Coopetition or Co-opetition is a business term defined as cooperative competition. It is a unique strategy where competitors unite within a specific marketplace by leveraging each others assets in an effort to gain market share, drive revenue, protect image, gain recognition, etc.
While most common in the business world (example: Boeing and Lockheed Martin’s United Space Alliance ), coopetition extends itself into our personal ecosystems via social media outlets like LinkedIn, Facebook, Twitter, etc.
Each of us has a personal brand that we build via social networks and that we utilize for gaining our own market share. Our market may be friends and family, reuniting with former classmates, or even looking for job. LinkedIn is a perfect example of coopetition … our personal and professional brands live in unison with other network connections on LinkedIn that typically have similar backgrounds or skill sets yet we leverage the power of their connections or networks to further our own interests – whether to generate new business, get a new job, recruit a candidate, etc.
The power of social media is the opportunity to take one of the most powerful business strategies and apply it to our personal and professional lives – to cooperate and compete … for new friends, new relationships, or new jobs.