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. Typically, a joint venture is established through a formal agreement that outlines the roles, responsibilities, and profit-sharing arrangements of each party. Joint ventures can be beneficial for entering new markets, developing new products, or sharing research and development costs, making them a popular strategy in various industries, including technology and manufacturing.