Social capital Business & Marketing Essay Research (Essay Sample)

Social Capital Importance in Alliances
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Introduction
Social capital may be explained as the collection of possessions implanted inside that are readily accessible and can be obtained from such relationships as possessed by individuals and firms (Salloum, Goddard & Larsen, 2017, Pg.7). It can be viewed as a relationship network that is enriched by factors of diversity, belongingness, act of participation, trust and other social cultural values aimed at achieving a specified goal in a particular work set-up. Its presence is considered paramount in creating a relationship network that would help a group of bodies such as firms and publics research organizations (PROs) to work harmoniously and efficiently. Social capital significance is deeply explored in this paper to find out how well it can promote collaboration particularly in the university-industry alliance and also to general alliances.
Importance of Social capital in forming general and University-industry alliances
Social capital operates on the theory to building of networking relationships. Engagement in relationships helps in enhancing good levels of confidence and trust that captivate and cultivate sense of cooperation among individuals. Once people develop a spirit of cooperation, there occurs a growth of a healthy relationship. It is this relationship that makes functionality of a society very efficient and fruitful. Any collaborative engagement is bound to thrive and produce the expected results to the community (Yoon, Yun, Lee & Phillips, 2015, Pg.92). It therefore happens that relational social capital would be vital in the reduction of resources that could have been used in enforcement of strategies in an alliance.