A joint venture is a business collaboration between two parties on a project. Both parties will benefit from bringing their shared resources and knowledge, and neither party will take on the sole burden of the risk. In turn, they will both benefit from the shared rewards and profits of the joint enterprise.
In general, a join venture is more limited in scope than a partnership. Unlike a strategic partnership, a joint venture involves the parties working towards a single goal rather than maintaining a long-term, ongoing business relationship.
Example: The success of a joint venture partnership relies on trust and common goals between the partners in order to drive scale and revenue.