virtual enterprise

Ad hoc alliance of independent experts (consultants, designers, developers, producers, suppliers, etc.) who join to pursue a particular business opportunity. Virtual enterprises have little or no physical presence or infrastructure, rely heavily on telecommunications and networks such as internet, and usually disband when their purpose is fulfilled or the opportunity passes. Agile, flexible, and fluid, they are extremely focused and goal driven, and succeed on the basis of little investment requirements, low startup and overhead costs, and fast response time. Geographically dispersed members of a virtual enterprise collaborate on the basis of their core strengths from wherever they are and whenever they are able to do so, and may become competitors in pursuit of another opportunity. Also called virtual company or virtual corporation.