A consortium is an association of two or more individuals, companies, organizations or governments or any combination of these entities with the objective of participating in a common activity or pooling their resources for achieving a common goal. While consortiums tend to share resources, they act independently when it comes to day-to-day operations. Every entity that is under the consortium, therefore, remains independent with regard to their normal business operations and has no say over another member’s operations that are not related to the consortium.
Governments and private enterprises often collaborate to formulate standards for manufacturing, food production, product compatibility, consumer safety, and more. In such collaborations, a government leverages its buying power as a consumer to create standards.