Best examples of successful joint venture partnerships

Business partnerships can take many forms. They can be divided into different groups based on various characteristics, including their organizational form. Among this group, the most common is the joint venture. Find out more about what a joint venture is. 

Joint venture: What is it and how does it work?

The first thing to determine is exactly what a joint venture is. Without entering into a professional vocabulary, it is a form of strategic cooperation where two independent companies enter into an agreement to conduct common business activities. It does not matter how long the cooperation lasts, be it a few months or a few years.

Joint ventures can be divided into several types:

  • Functional – in which two independent companies pool their resources, capital, and expertise to achieve mutually beneficial goals;
  • Common project activities – in this case, companies work together on one specific project, and as soon as they reach their goal, the cooperation is terminated;
  • “Vertical’ cooperation – when two or more companies from the same supply chain come together;
  • “Horizontal co-operation – when companies in the same niche work together with a common goal, e.g. to enter new markets, attract new target audiences, etc.

Joint ventures are mutually beneficial for everyone involved. Companies pool their expertise and resources to achieve a common goal while retaining their independence. Legalizing the partnership is much easier – just use the tools of the vdr data room. It does not take much time and reduces the amount of bureaucracy required. Moreover, in the event of difficulties or if the partnership comes to an end, it can be dissolved.

Examples of successful cooperation

Even well-known corporations often take part in joint ventures. The following examples are worth mentioning:

  1. Hulu. Originally, it was supposed to be a short-term joint product of several production companies, among which was The Walt Disney Company and others. However, the collaboration proved so successful that it already represents its own brand in programming.
  2. Spotify and Samsung. As in the previous example, the cooperation between the companies was not supposed to last more than one project. Nevertheless, it is already a full-fledged joint venture that is hastily promoting its products to users. The latest devices from Samsung, for the standard installed app is Spotify.
  3. Crocs and a number of brands. A prime example of the shoe brand’s short-lived collaborations is its collaboration with KFC, Influencers Post Malone, The Grateful Dead and many others. Through small projects with various companies and celebrities, the company has been able to breathe life into its products, attract new customers and increase its sales.
  4. Nascar and iRacing. Fans of computer games may have heard about the two companies’ joint venture, the eNascar iRacing Pro Invitational series. It was a breakthrough for the two companies in the area of eSports and also helped Nascar hold on to the market during the pandemic.

There are many more such success stories of joint ventures. Read success stories, get inspired and push back fears to reach new goals!

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