What is a joint venture? A joint venture is a separate entity that involves a partnership between two or more active participants. Sometimes called strategic alliances, joint ventures can involve a wide variety of partners that include universities, not-for-profit organizations, businesses, and the public sector. Exsample Occurred Joint ventures have occurred between such rivals as General Motors and Toyota as well as General Electric and Westinghouse. Whenever close relationship between two companies are being developed, concerns about the ethics and ethical behaviour of the potential partner may arise