Generally, a consortium or a joint venture is a strategic business association, combination or group of two or more entities or individuals formed to undertake an enterprise together. ... A consortium or joint venture is typically formed by contract – Consortium Agreement or Joint Venture Agreement, respectively.

What is the purpose of formation of a consortium?

A consortium is typically formed when multiple organisations have a shared vision to gain competitive advantage, in order to provide greater efficiency and/or effectiveness to its customers.

When did consortium begin?

Originating initially in the 1960s at a time of unprecedented expansion in higher education, consortia enabled institutions to share abundant resources. These consortia were voluntary, multi-institutional, multipurpose, and designed to serve their member institutions.