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. 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 combine resources for research, development, or entering new markets. Successful joint ventures can lead to innovation and increased competitiveness.