Innovative Public Private Partnerships: A Pathway to Effectively Solving Problems

Public-private partnerships, as defined by the National Council for Public-Private Partnership (NCPPP) are “a contractual agreement between a public agency (federal, state, or local) and a private sector entity.1 Through this agreement, the skills and assets of each sector (public and private) are shared in delivering a service or facility for the use of the general public. In addition to the sharing of resources, each party shares in the risks and rewards potential in the delivery of the service and/or facility.” Typically, public sectors are government infrastructures: programs that run on taxpayer capital. The private sectors are businesses that are owned by private individuals or shareholders, and not by the government.
Some major benefits of having public-private partnerships are that they: 1) provide a greater efficiency of getting tasks and requirements completed; 2) reduce the spending of taxpayer money; 3) provide improved compliance with government regulations, needs and requirements in regards to the environment and workplace; and improve the quality of services and products.