• An association of independent entities that combine resources for a defined commercial purpose to share risks and ⁄ or rewards
• Can be complex separate entities with independent management, financing, even public equity
• Can be purely contractual arrangements, such as strategic licensing, distribution or development agreements

• Diversification of resources, technologies, expertise, markets, and customers
• Entry into new businesses or geographic markets
• Leveraging partner’s competencies
• Sharing ⁄ minimizing of risks
• Maximizing efficiencies and economies of scale
• Flexibility regarding term of commitment and potential exposure
• Alternative to capital constraints and costs of M&A transactions

• Time consuming and potentially complex to structure
• Require thorough diligence on:   partner, objectives, structure, governance, etc.
• Require ongoing trust and maintenance of relationship with joint venture partner
• Require continued agreement and alignment with joint venture partner
• Require an exit strategy