A strategic alliance is a formal agreement between two or more organizations to collaborate on specific projects or goals while remaining independent. These partnerships allow companies to share resources, knowledge, and expertise, which can lead to increased competitiveness and innovation. For example, a technology company might partner with a research institution to develop new products. Such alliances can take various forms, including joint ventures, co-marketing agreements, or research collaborations. They are often formed to enter new markets, enhance product offerings, or reduce costs. By leveraging each other's strengths, organizations can achieve objectives that may be difficult to accomplish alone.