A strategic partnership is a formal agreement between two or more organizations to collaborate on specific goals while maintaining their independence. These partnerships often leverage each partner's strengths, resources, and expertise to achieve mutual benefits, such as increased market reach or enhanced innovation. Such collaborations can take various forms, including joint ventures, alliances, or co-marketing efforts. By working together, partners like businesses, nonprofits, or government agencies can share risks, reduce costs, and create synergies that would be difficult to achieve alone.