Selecting management talent for joint ventures: A suggested framework

Abstract

Joint ventures (JVs) and other forms of interfirm collaboration continue to be an important part of the strategy of a substantial number of firms. Although JVs are interfirm level phenomena, individuals play very important roles in managing the relationship. This article presents a framework for the identification and selection of individual talent for JV management teams. The framework relates (1) general management skills; (2) technical competence and industry knowledge; and (3) individual dispositions to an individual venture manager's ability to deal with the challenges of JV management. The framework goes beyond just fitting individuals to the role demands. It considers factors that are relevant to the venture context as a whole. This is important, given that the venture context imposes constraints on the managers and the effectiveness of each individual must therefore be viewed within the context of the position. It may be possible to identify individuals most suitable for the role by determining ahead of time how they rank on the dimensions in the framework. In other cases, firms can prepare individuals for the role by providing opportunities for their employees to develop the types of skills and competencies that are useful for performance in the role.