A Joint Venture can increase a WOSBs capabilities as well as the firm's sales volumes. The main advantage is that the WOSB can work with a firm that has capabilities that either complement or surpass their own.
Because Trust and Rapport are very important in putting together a successful Joint-Venture generally firms must have some relationship with each other before they begin working on bidding on contracts.
Currently there are over 600 EDWOSB & WOSB Joint Venture and these JVs average almost $3 million per year in federal contracts. (See Table Below)
WOSB Industry Group | Total WOSB Federal Sales | Number of WOSB Firms | Average WOSB Sales |
---|---|---|---|
EDWOSB Totals / Averages | 1,077,138,337 | 369 | 2,919,074 |
WOSB Totals / Averages | 761,037,937 | 274 | 2,777,510 |
Forming a JV can be a great way for WOSB firms to gain experience in federal contracting, build their past performance while gaining profitable business. Please feel free to give us a call if you have any questions about WOSB Joint Ventures.