A Joint Venture (JV) is a form of strategic alliance where two or more companies come together to collaborate and conduct a specific business venture or project. The purpose of the joint venture is to share knowledge, resources, risks, and profits in order to achieve a common goal.

In the economy and industry, joint ventures are commonly used to explore new markets, access new technologies and innovations, and to gain competitive advantages. Joint ventures can be formed in various forms such as joint ownership of assets, equity partnerships, contractual agreements, and collaborations.

Joint ventures are particularly common in industries where large capital is required such as the energy, infrastructure, and technology sectors. For example, a joint venture created between two oil companies may collaboratively explore new oil fields or participate in the construction of a new oil refinery.

Furthermore, joint ventures can be international where companies from two different countries form a partnership to operate in a new market. This can help the companies to navigate cultural and regulatory challenges in a foreign market.

In summary, Joint Ventures offer companies the opportunity to pool resources and expertise to achieve common goals, which can be of great benefit in various industries and markets.