Joint venture or JV is a strategic alliances that allow established businesses to share markets, assets, intellectual property, knowledge, and profits. Its a traditional contract that allows vendors to give a portion of their earnings to a partner - JV partners and affiliates.
Your business may have strong potential for growth and you may have innovative ideas and products. However, a joint venture could give you:
- More resources
- Greater capacity
- Increased technical expertise
- Access to established markets and distribution channels