Simple Definition of consortium

: a group of people, companies, etc., that agree to work together

Full Definition of consortium

plural con·sor·tiaplay\-ˈsȯr-sh(ē-)ə, -ˈsȯr-tē-ə\ also con·sortiums

1. 1:  an agreement, combination, or group (as of companies) formed to undertake an enterprise beyond the resources of any one member

 

Cambridge Dictionary
an ​organization of several ​businesses or ​banks ​joiningtogether as a ​group for a ​shared ​purpose:

 

Dictionary.com
noun, plural consortia 

 [kuh n-sawr-shee-uh, -tee-uh] (Show IPA)

1.

a combination of financial institutions, capitalists, etc., for carrying intoeffect some financial operation requiring large resources of capital.

2.

any association, partnership, or union.