joint venture
/dʒɔɪnt ˈven.tʃər/
Meaning
A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task or project. Each participant is responsible for profits, losses, and costs associated with it. It is a standard, neutral term used in strategic business planning.
Examples
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The two automotive giants formed a joint venture to develop electric vehicles.
The two automotive giants formed a joint venture to develop electric vehicles.
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Our joint venture in Japan has allowed us to access a notoriously difficult market.
Our joint venture in Japan has allowed us to access a notoriously difficult market.
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They entered into a joint venture to build the new high-speed rail network.
They entered into a joint venture to build the new high-speed rail network.
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The joint venture was dissolved after the partners disagreed on the long-term strategy.
The joint venture was dissolved after the partners disagreed on the long-term strategy.
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Both companies split the profits from the joint venture fifty-fifty.
Both companies split the profits from the joint venture fifty-fifty.
Common Mistakes
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✗ We agreed to make a joint venture with our main competitor.
✓ We agreed to form a joint venture with our main competitor.
The verbs 'form', 'start', 'enter into', or 'establish' are used with 'joint venture', not 'make'.
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✗ They are working on a jointed venture to design the software.
✓ They are working on a joint venture to design the software.
The adjective modifier is 'joint' (acting together), not the past participle 'jointed' (which refers to physical joints).
Related Expressions
Practice
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To share the high costs of research, the pharmaceutical companies established a ___.
💡 A collaborative business project between separate companies
Show answer
joint venture
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The international ___ failed because of cultural differences between the two management teams.
💡 A shared commercial enterprise
Show answer
joint venture