A joint venture is a business arrangement where two or more parties come together to work on a specific project or business activity. Each party contributes resources, such as capital, expertise, or technology, and shares the risks and rewards of the venture. This collaboration allows companies to leverage each other's strengths and expand their market reach without merging completely. Joint ventures can take various forms, including partnerships or limited liability companies. They are often used in industries like technology, real estate, and manufacturing to develop new products or enter new markets. By pooling resources, companies can achieve goals that may be difficult to accomplish independently.