2: Research Joint Ventures: Theory and Evidence

Only a few decades ago, the term joint venture could be defined simply as the activities of two or more firms that are purposefully or strategically integrated to carry out specific tasks, research and development (R&D) activity being one such task.¹ However, things have changed over time as the scope of activities that are conducted collaboratively has changed. No longer are joint ventures or even RJVs studied by scholars from one discipline. Today’s literature is populated by the writings from scholars from economics, management, public policy, and even the sciences.

Nomenclature has also changed. For example, Teece (1992) popularized the term strategic alliance, meaning agreements whereby two or more firms share resources to achieve a common strategic goal or objective. RJVs are frequently viewed as a strategic alliance.