When talking about increasing your revenues via partnership, there are plenty of ways to do so in our 10 successful joint ventures examples (international and domestic).
If you are wondering what is a joint venture, The Balance defines it as “a cooperative enterprise entered into by two or more business entities for the purpose of a specific project or other business activity.” In plain English, two or more companies join in to earn money by investing in a mutual project of some sorts. For instance, in 2011 Ford and Toyota worked together to produce hybrid trucks. This also would be an example of an international cooperation. Should the companies originate from the same country, that is called a domestic joint venture. If you are thinking of creating one, you must be extremely careful and meticulous when constructing and signing the joint venture agreement, a document that defines the conditions of the alliance and can often be the reason for your success or your doom.
Now would be a good time to discuss the international joint venture advantages and disadvantages. As is the case with any joint venture, the main advantage would be that you are entering a business project while still maintaining the rest of your business. Basically, the risk is lower since your immediate business isn’t closely connected to the new project, and you have a partner or two in the new venture. Whatever happens, you are splitting the profits and costs. Obviously, splitting the profits is inevitable, but sharing the prospective downsides cam be a plus. Huffington Post also offers some more advice on joint venture pros and cons. A successful joint venture can even provide you with access to new geographic markets or another company’s database. What’s yours is mine, right? Generally speaking, joint ventures are easy to set up and there is an option of using or developing new technologies. As for joint venture cons, the list is extensive as well. You could be working with a partner that is going to slow you down by running into conflicts and different management styles, or other unspecified objectives – all of these are possible negative scenarios.
However, there won’t be such scenarios in our list, because these are all successful and profitable collaborations. In order to provide you with the very best examples, we investigated different sources: The Telegraph, Christian Fea, Infomory, Reuters, Indian Oil Skytanking, Business Standard and Sahara Petrochemicals. The ordinal number on our list doesn’t really matter, but what matters is that all of the joint ventures, or JVs, have proved to be lucrative to both sides of the agreement, regardless of whether they exist now or the companies have parted. Speaking of which, you can take a look at the 5 Most Successful Joint Ventures In America for more examples.
Therefore, let us take a look at 10 successful joint ventures examples (international and domestic) and maybe you’ll get some ideas for establishing one yourself, too.