This could be ‘the year of co-opetition’—the mix of competition and cooperation. We’ve seen this phenomenon emerging over the past year and for many good reasons. At a basic level, it can be a way to save costs and avoid duplication of effort. If a project is too big or too risky for one company to manage, collaboration may be a good option. If a cooperative opportunity is on the table, start by imagining what each party will do if it’s not taken. What alternative agreements might the other side make, and what alternatives might you pursue? If you don’t agree to the deal, will someone else take your place in it? From our experience, in some industries like tech for instance, thinking through alternatives is complicated because companies have multiple relationships with one another. This article points out much to consider before embarking on any deal, even with the potential advantages of co-opetition.