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joint venture innovation case study

Ritza Suazo

10 joint-venture examples you should know about.

We’ve listed 10 inspiring, real-world joint-venture examples that showcase how you can leverage the strategy to grow your business to unprecedented heights.

We’ve listed 10 inspiring, real-world joint-venture examples that showcase how you can leverage the strategy to grow your business to unprecedented heights.

Companies of all sizes, from startups to established multinationals, are increasingly turning to joint-ventures as a way to drive growth, diversify their portfolio, and gain a competitive edge, in a fast-moving market. And it’s easy to see why. 

These partnerships have proven to be an effective strategy for companies looking to enter new markets, develop innovative offerings, test new business models, create new revenue streams and more. Companies that enter into a joint-venture can: 

  • Share risks and liabilities in large projects
  • Lower costs by creating economies of scale
  • Boost brand image with reputable partners
  • Acquire new skills and capabilities from partner companies

In addition, when executed skillfully, and with the right partner(s), joint-ventures have the potential to deliver results fast compared to starting on venture on your own from scratch.

To give you a better idea of how this strategy can be leveraged to boost growth, we’ve compiled a list of 10 inspiring real-world examples. 

But first, let's kick things off with some context. 

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Type : Horizontal joint-venture

In late 2020, Polaris, a leading manufacturer of all-terrain vehicles, joined forces with Zero Motorcycles, an established electric bike developer. The goal? To integrate Zero's advanced electric powertrain technology into Polaris' off-road vehicles and snowmobiles.

Polaris showcased the first tangible results of the venture in December 2021 – the Ranger XP Kinetic (the electric version of their Ranger utility terrain vehicle).

joint venture innovation case study

Although Polaris already had an electric Ranger in its lineup, it relied on a lead-acid battery. In contrast, the Ranger XP Kinetic boasts a state-of-the-art lithium-ion battery derived from Zero's cutting-edge EV technology.

The announcement generated significant buzz, resulting in hundreds of millions of media impressions and a surge in site traffic. Preorders for the Ranger XP Kinetic sold out within just two hours of going live. 

What made this joint-venture successful?

  • Complementary expertise: Each company brought unique strengths. Polaris' vast experience in off-road vehicle design and engineering complemented Zero Motorcycles' innovative electric power technology - resulting in a superior offering. 
  • Market demand: This joint-venture allowed Polaris and Zero Motorcycles to capitalise on the growing market demand for sustainable options in the electric off-road vehicle space.
  • Technological advancements: The partnership enabled the companies to leverage each other's resources to push the boundaries in electric off-road vehicle design and performance.
  • Effective marketing: The launch of the Ranger XP Kinetic generated significant buzz, increasing visibility for both brands. 
  • Shared vision: Both companies shared a common vision for a more sustainable future, focusing on the electrification of off-road vehicles, ensuring a strong foundation for the venture.

2. Deutsche Telekom, Orange, Telefónica, and Vodafone

Earlier this year, four major European telecommunications companies, Deutsche Telekom, Orange, Telefónica, and Vodafone, announced a joint-venture to develop a new “privacy-by-design” ad tech platform . The platform, which started off as a Vodaphone project, works by enabling consumers to opt-in or deny communications from brands via publishers with one single click. 

The only data shared in the process is a pseudo-anonymous digital token that cannot be reverse-engineered, providing consumers with more control, transparency and protection of their data, which is currently collected, distributed and stored at scale by major, non-European players.

Each company will hold an equal 25% stake in the newly-formed joint-venture, which will be based in Belgium and managed by an independent team under the supervision of a shareholder-appointed supervisory board.

  • Synergy: By combining their resources, these companies were able to create a competitive edge that enabled them to challenge established ad tech industry players.
  • Innovation: By pooling their resources, these companies were able to provide a cutting-edge solution with better-targeted ads and an improved user experience.  
  • Data privacy and security: As concerns about data privacy and security escalate, the joint-venture's dedication to creating a transparent and secure platform is a significant advantage, helping to gain the trust of both consumers and advertisers.
  • Expanding reach: By collaborating, Deutsche Telekom, Orange, Telefónica, and Vodafone can broaden their reach in the European market, providing a wider audience for advertisers.

3. Spotify and Hulu

In 2018, music streaming giant Spotify and streaming platform Hulu joined forces to offer a combined subscription bundle, “ Spotify Premium, now with Hulu ”, providing users access to both services at a discounted price. The collaboration allowed both companies to expand their user base, enhance customer loyalty, and gain a competitive advantage over rival streaming platforms (e.g. Apple, which offers Apple Music and Apple TV+).

Despite operating in the same industry—streaming services—these companies collaborated to achieve common goals, successfully expanding their user base and achieving growth they couldn’t have reached on their own. 

  • Expanded user base: The joint subscription bundle made it easier for users to access both platforms, attracting new customers and retaining existing ones.
  • Increased customer loyalty: By offering a discounted price for both services, Spotify and Hulu incentivised users to remain subscribed, enhancing customer loyalty.
  • Competitive edge: The partnership resulted in a unique value proposition; different from other platforms, providing an edge in the highly competitive streaming market.
  • Cross-promotion opportunities: The collaboration allowed Spotify and Hulu to cross-promote their content and services, increasing visibility for both brands.

4. Honda and LG Energy Solution

Type : Vertical joint-venture

In 2022, Honda and LG announced a joint-venture aimed at leveraging LG’s expertise to boost the production of lithium-ion EV batteries for Honda's electric vehicles. Plans include the construction of a state-of-the-art battery plant in Colombus, Ohio, by the end of 2024 and commencing mass production by the end of 2025. 

The companies jointly agreed to set up their battery manufacturing facility in the U.S., stemming from their mutual understanding that increasing local electric vehicle production and securing a timely battery supply would optimally position them to tap into the fast-expanding North American EV market. The venture will not only help meet the increasing demand for electric vehicles but also bring significant economic benefits to the region (e.g. 3,000 new jobs in Ohio). 

The collaboration illustrates how vertical joint-ventures can enhance supply chain capabilities, foster innovation, and help meet demand in new markets.

  • Combined expertise: This partnership allows Honda to build on its expertise in vehicle manufacturing while benefiting from LG's expertise in lithium-ion battery technology.
  • Strengthening the supply chain: By pooling resources from both companies, the joint-venture has been able to strengthen the overall supply chain. 
  • Fostering innovation: The collaboration has resulted in a cross-pollination of expertise that will feed the growing demand for EV vehicles and create profits for both companies. 

5. Adidas and Allbirds

Type : Project-based joint-venture

In May 2021, Adidas and Allbirds announced a joint-venture to create a sustainable and eco-friendly concept shoe called “Futurecraft.Footprint”. The new venture combined the sustainability advancements of both companies to make a shoe that required 2.94 kg of CO2 emissions, compared to Allbirds' flagship Wool Runners' carbon footprint of 9.9 kg of CO2 emissions. The shoe's midsole is based on Adidas' Lightstrike technology but is crafted using Allbirds' bio-based sugarcane material. 

Unlike many concept projects, the Futurecraft.Footprint transitioned from an idea to a commercially available product by mid-December of that year. Priced at $120, the all-white sneakers quickly sold out, with only some outlier sizes remaining.

  • Expertise pooling: The venture brought together Adidas and Allbirds' expertise in athletic footwear and commitment to sustainability to develop a superior product.
  • Shared values: Both companies shared a common goal of promoting sustainability and reducing their carbon footprint, making the collaboration more focused and effective.
  • Market differentiation: The companies differentiated themselves in the crowded athletic footwear market by offering unique products that cater to environmentally conscious consumers. 
  • Positive brand association: Adidas and Allbirds benefited from the positive association of their respective brands, enhancing their reputation for environmental responsibility.

6. Geely and Volvo

Type : Functional-based joint-venture

joint venture innovation case study

LYNK & CO is an automotive joint-venture between Geely Auto Group and Volvo Car Group, aimed at challenging the established automotive industry by catering to the needs of a new generation of connected consumers. With LYNK & CO, customers can choose to borrow, buy or subscribe for access to a car with added services that include insurance, maintenance and more. The process of choosing a car is simple, with two options of hybrid motor available as well as a myriad of fun high-tech details customers can add. 

joint venture innovation case study

Since its inception, LYNK & CO has delivered over 600,000 vehicles to users, setting new records for growth among global automotive brands. In Europe, the brand continues to expand with seven permanent Lynk & Co Clubs in the Netherlands, Sweden, Belgium, and Germany, as well as numerous pop-up experience centres. There are also plans to expand to the US in 2024. 

  • Combined expertise: The joint-venture blends Geely's understanding of the Chinese market and cost-effective manufacturing capabilities with Volvo's proficiency in safety, quality, and design.
  • Unique sales and ownership models: The brand's offering includes sharing possibilities, personalised services, and an open API, setting it apart from traditional automakers.
  • Global scale potential: LYNK & CO's expansion in Europe and plans to enter the US and Asia-Pacific markets demonstrate its potential for growth and global appeal.
  • Sustainability: The brand's commitment to offering an electrified lineup aligns with the worldwide shift towards sustainable mobility.

7. Sony and Honda

Type: Functional-based joint-venture

joint venture innovation case study

Sony and Honda announced a new electric vehicle (EV) joint-venture, Sony Honda Mobility,

earlier this year at the CES 2023 . The collaboration aims to create innovative and advanced EVs by combining Sony's expertise in AI, entertainment, and VR technology with Honda's automotive manufacturing capabilities and experience. Their first prototype, the "afeela," is designed to deliver an unparalleled in-car experience with a focus on entertainment, connectivity, and comfort. 

With over 40 sensors, including cameras, radar, ultrasonic, and lidar, integrated throughout the vehicle's exterior, Afeela's ability to detect objects and drive autonomously will be significantly enhanced. As explained by Sony Honda Mobility CEO Yasuhide Mizuno: “Afeela represents our concept of an interactive relationship where people feel the sensation of interactive mobility and where mobility can detect and understand people and society by utilising sensing and AI technologies”.

Preorders are expected to open in 2025, and the EV will be sold first in the US in 2026, with plans for expansion to Japan and Europe at a later date.

  • Complementary expertise: Sony's proficiency in AI, entertainment, and technology, coupled with Honda's extensive experience in automotive manufacturing, resulted in a superior product.
  • Innovation: The "afeela," features a large panoramic display, an advanced sound system, and an array of innovative capabilities, pioneering future EV offerings.
  • Enhanced experience: The focus on entertainment, connectivity, and comfort sets it apart from competitors and provides a unique experience that appeals to modern consumers.
  • Market demand: The new venture is well-positioned to capitalise on the growing global demand for electric vehicles and the shift towards sustainable transportation.
  • Strong brand reputation: Both Sony and Honda are well-established and respected brands in their respective industries, which lends credibility to their joint-venture.

8. H&M Group and Remondis

In a bid to close the textile loop and promote circularity in the fashion industry, H&M Group partnered with Remondis, a leading waste management and recycling company, to form a joint-venture called Looper Textile Co . The company aims to gather, sort, and sell pre-owned and discarded garments and textiles, maximising their utilisation, reducing waste and minimising their environmental impact.

Owned 50% by H&M Group and 50% by REMONDIS, part of Looper’s goal is to become a provider for companies in the textile resale and recycling sector. Operations are set to start in Europe with plans to save approximately 40 million garments during the course of 2023. 

  • Shared sustainability goals: Both companies are committed to promoting circularity. Their shared goals provide a solid foundation for a successful partnership.
  • Consumer awareness: The collaboration offers a timely and innovative solution that addresses environmental concerns and provides a guilt-free shopping experience for customers.  

9. DBS, JPMorgan and Temasek

joint venture innovation case study

In 2021, JPMorgan Chase, Singapore-based DBS Bank, and Temasek, a Singaporean sovereign wealth fund, announced a joint-venture to create a new blockchain-based platform for cross-border payments, trade, and foreign exchange settlement. The platform, named " Partior ," aims to use blockchain and Distributed Ledger Technology (DLT) to reduce transaction times, lower costs, and improve transparency in cross-border payments.

Since its inception, Standard Chartered joined as a backer, and Partior has made strides on its mission to develop a blockchain-based interbank payment network, having engaged with 60 banks across 15 jurisdictions. There are also plans to expand beyond its initially supported currencies (i.e. USD and SGD) to include GBP, EUR, AUD, JPY, CNH and HKD. As explained by CEO Jason Thompson: “Our vision has always been to transform global payments and become the worldwide ledger for Financial Institutions’ value exchange.”

  • Technological innovation: The platform leverages blockchain to address inefficiencies in traditional cross-border payment systems, setting new standards for speed and transparency.
  • Collaboration across industries: The joint-venture involves key stakeholders from the banking, investment, and technology sectors, fostering a collaborative approach that benefits from diverse perspectives and resources.

10. L'Oréal, Hotel Shilla, and Anchor Equity Partners 

joint venture innovation case study

In 2022, L'Oréal, partnered with Hotel Shilla, a high-end Korean hotel chain, and Anchor Equity Partners, a private equity firm specialising in the Korean and North Asia markets, to launch a new luxury cosmetics brand called "Shihyo." 

Shihyo, which means "the wisdom of time" in Korean, focuses on products tailored to North Asian consumers, with a product line that includes facial cleansers, creams, shampoos, and conditioners. The products feature 24 ingredients produced by local farmers and are inspired by the 24 solar subdivisions of the traditional far-eastern calendar. The formulations also feature a patented ingredient called ShiHyo24, a nutrient-rich concentrate infused with fermented rice water and ginseng water.

The first Shihyo store, called Seoul Garden, will open in the coming months inside the Shilla Seoul Hotel in South Korea's capital, Seoul. The brand plans to expand into other countries in the region after its initial launch.

  • Combined expertise: The joint-venture leverages the strengths of each partner, combining L'Oréal's beauty expertise, Hotel Shilla’s luxury retail channels, and Anchor’s robust financial business model.
  • Local appeal: By incorporating locally sourced ingredients and cultural elements, Shihyo appeals to the unique preferences and needs of North Asian consumers, making it a strong contender in the region's luxury cosmetics market.
  • Clean, quality ingredients: High-quality, locally sourced ingredients are highly coveted in the luxury skincare sector, particularly among millennials and Gen Z. 

Final thoughts

These joint-venture examples demonstrate the power of strategic partnerships in driving innovation, expanding market reach, and achieving business goals. By pooling resources and expertise, companies can unlock new opportunities and overcome challenges, creating a win-win situation for all parties involved. 

As the business landscape becomes more global and competitive, joint-ventures will likely continue to play a critical role in fostering collaboration and success across industries.

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Starbucks International Strategy - A Case Study for Global Success

Starbucks International Strategy - A Case Study for Global Success

Ever since Starbucks opened its first store outside North America in Tokyo in 1996, the coffee giant has relentlessly pursued global expansion . Today, Starbucks has over 32,000 stores spanning more than 80 countries worldwide, successfully spreading its coffee culture on a global scale. At the heart of Starbucks' phenomenal international business success lies a strategic multi-domestic approach that balances maintaining a consistent global brand with adeptly adapting to local cultures.

Through rigorous market research, cultural sensitivity, strategic partnerships, and premium positioning, Starbucks has seamlessly integrated into diverse international markets while retaining its core identity. This case study examines the key components of Starbucks international strategy, including cultural adaptation, strategic expansion phases, partnership models, and lessons that can be drawn from its international success. The systematic and thoughtful approach demonstrates how consistent brand execution combined with local customization can pave the way for global triumph.

Starbucks' Multidomestic Strategy

The framework that best describes Starbucks' internationalization approach is the multi-domestic strategy. As per this strategy, companies focus on individual foreign markets, treating each market as a separately competitive arena. It emphasizes low integration and high responsiveness.

For Starbucks, this has meant tailoring its products, marketing campaigns, store designs and operations to suit the unique preferences and customs of each local market. While maintaining consistency in quality, branding and customer experience core, it delegates decision-making powers to local franchisees. This allows them to adapt menus, aesthetic elements and promotional activities to match the local customer psyche.

Market Entry Strategies

When entering new markets, Starbucks uses three broad strategies - wholly-owned subsidiaries, joint ventures and licensing. Wholly owned stores give it full control in developed markets with sufficient market understanding like the US, and Canada.

Joint ventures allow leveraging local partner's networks and expertise to establish a foothold in relatively new markets. A prominent case is its joint venture with a Chinese company for China operations.

Licensing is used for quick expansion by granting local partners rights to use the Starbucks brand and set up stores as franchisees. Royalty and fee-based models require low investment while increasing footprint. These tailored entry modes have supported Starbucks' phased globalization process.

Cultural Sensitivity and Customization

Upon entering new markets, Starbucks conducts extensive research to gain cultural insights before store operations even begin. The brand meticulously analyzes local coffee drinking habits, social norms, and economic conditions to understand nuanced preferences. This data-driven approach informs strategic decisions on store layouts, menu customization, and marketing tactics tailored to the host country.

For example, in Japan, Starbucks offers matcha-infused beverages and traditional Japanese decor derived from research revealing local tea-drinking traditions. In China, Starbucks embraces the "ganbei" culture by creating a welcoming environment for social gatherings aligned with drinking customs. Regional preferences are also respected through customized food items—China sees xiaolongbao dumplings while India indulges in masala chai lattes.

By thoughtfully integrating localized flavors, Starbucks seamlessly blends into diverse coffee cultures while maintaining the consistent quality expected of the premium brand. This cultural sensitivity enables the establishment of an authentic local presence, resonating deeply with consumers and expediting market penetration. International success is founded upon such adaptive strategies embracing rather than confronting local identities.

Strategic Partnerships and Co-Owned Stores

Strategic partnerships with local enterprises are another cornerstone of Starbucks' international growth model. Such alliances confer several advantages—joint ventures leverage local expertise, gain government approvals rapidly, and share risks associated with new markets.

Notable examples include the 1998 partnership with Sazaby Café in Japan granting entry into a market protective of domestic firms. In China, collaborations with Kong Group and Maxim's Caterers facilitated swift expansion capitalizing on local supply chains. Most recently, Starbucks joined hands with Tata Group to spearhead robust growth across India leveraging the conglomerate's operational experience.

Co-owned stores following the joint venture model account for one-third of Starbucks' international presence. Local partners provide in-depth cultural understanding while Starbucks delivers consistent brand qualities. Such symbiotic relationships accelerate internationalization by overcoming regulatory hurdles through political familiarity and minimizing liability in uncertain environments. Successful partnerships exemplify mutual growth stemming from shared knowledge and aspirations.

Premium Positioning and Consistent Quality

Despite localized adaptations, Starbucks retains a notable premium positioning worldwide through the consistent execution of its brand. Stores exude sleek minimalism broadcast globally through meticulous design standards. Barista training manuals impart uniform customer service skills across borders to complement the quality drinking experience.

Most distinctively, product sourcing ensures coffee excellence irrespective of location. Green coffee beans are sourced sustainably from over 30 countries and then roasted in seven global processing plants to an identical profile. This commitment to quality justifies slightly higher prices while differentiating the Starbucks experience. Loyal patrons trust consistent flavors upon each international visit, reinforced by a premium brand image.

Globally standardized processes streamline operations for multinational firms yet risk cultural insensitivity. Starbucks balances such trade-offs through its multi-domestic approach—autonomous subsidiaries complement centralized quality controls yielding localization without compromising integrity. Premium branding and attention to detail regardless of borders bolster brand equity on a global scale .

Strategic Expansion Stages

Starbucks' international growth has unfolded strategically in stages, continually adapting its model to diverse conditions in new frontiers. Initial steps focused on contiguous expansion throughout North America and Europe utilizing company-operated stores. Entry into more complex Asian markets saw the rise of adaptive joint ventures and strategic local partnerships.

Most recently, emerging economies present immense opportunities alongside challenges requiring inventive solutions. India saw customized training programs while China leveraged mobile and delivery services to accommodate urbanization. Lessons from each phase cultivate more sophisticated strategies, preserving Starbucks' competitive advantage amidst disruptive global dynamics.

The multi-phased journey reflects an evolutionary approach, not passive diffusion. Careful strategic planning and experimentation have accelerated learning curves, solving problems before widespread proliferation. Cohesive long-term visions balance short-term wins, prioritizing sustainable partnerships over rapid numbers. Starbucks embraces diverse conditions rather than imposing standard blueprints, catalyzing tailored prosperity in every market.

Keys to International Success

Starbucks' case provides valuable insights for brands venturing overseas. Internationalization demands considering local markets as unique rather than homogeneous replicas—deep cultural understanding precedes standardized systems. Strategic alliances confer benefits unavailable to independent operations such as local relationships increasing trust from skeptical markets.

Consistency distinguishes premium brands yet risks cultural detachment—the delicate balance respects local identities amid consistent qualities. Thoughtful long-term visions navigate complexity better than imitations focusing on short-term gains. Success stems from integrating rather than confronting foreign environments by capitalizing on diverse contributions. International growth necessitates agility, learning evolving alongside expanding frontiers.

Current Positioning and Future Outlook

Today Starbucks is a globally recognized brand with a respected image of consistent quality and feel-good customer experience across 80+ nations. However, constantly shifting competitive dynamics and evolving consumer preferences pose new tests.

While Starbucks is well-poised to capture opportunities in still untapped developing geographies leveraging its learnings, local economic volatilities and rising indie cafe trends can impede future plans. Developing new service formats like drive-thrus, mobile ordering, and expanded delivery also becomes critical.

Sustaining differentiation through the premiumization of beverages, newer format stores, innovative loyalty programs and deeper forays in coffee education will determine Starbucks' longevity. Overall, its consistent strategy of blending global vision with local insights wields it an advantage for continued worldwide growth.

In conclusion, Starbucks provides an exemplary case study on designing and implementing a successful international strategy. The keys to its global dominance have been its multi-domestic approach balancing standardization with localisation, research-backed cultural sensitivity, strategic partnerships , consistent branding and marketing effectiveness.

Most significantly, its ability to thoughtfully adapt products, menus, designs, and communications as per every unique market setting while staying true to quality and experience mantras, earned it loyal customer communities worldwide. If replicated judiciously, such well-rounded strategies can become globally replicable models for other aspiring brands.

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  6. Intermodal Industry Transformation: Technology, Competitiveness, and Evolution

COMMENTS

  1. Research: Joint Ventures that Keep Evolving Perform Better

    Partnerships and joint ventures are an important source of revenue and innovation for many large companies, particularly in areas of emerging technology. New research shows that companies that ...

  2. 10 Joint-Venture Examples You Should Know About

    Type: Vertical joint-venture. In 2022, Honda and LG announced a joint-venture aimed at leveraging LG's expertise to boost the production of lithium-ion EV batteries for Honda's electric vehicles. Plans include the construction of a state-of-the-art battery plant in Colombus, Ohio, by the end of 2024 and commencing mass production by the end ...

  3. Starbucks International Strategy

    Joint ventures allow leveraging local partner's networks and expertise to establish a foothold in relatively new markets. A prominent case is its joint venture with a Chinese company for China operations. Licensing is used for quick expansion by granting local partners rights to use the Starbucks brand and set up stores as franchisees.

  4. Joint ventures

    Innovation & Entrepreneurship Case Study. William C. Kirby; Erica M Zendell; 11.95. View Details. ... But the spread of what we call "competitive collaboration"—joint ventures, outsourcing ...

  5. Joint Ventures: Driving Innovation While Limiting Risk

    A joint venture culture that adheres to historical affiliations with either or both parents can inhibit how fast the business will achieve growth objectives, especially in customer engagement and go-to-market collaboration. ... Case Study. An EY team recently helped an industrial manufacturer and an oil and gas servicer form a joint venture ...

  6. Joining forces to create value: The emergence of an innovation

    The joint venture, Zenuity, is a new entrant in the growing global market for autonomous driving software systems. ... This paper provides insights into the emergence of an innovation ecosystem from one case study and does not provide generalizable results. There is a need to carry out cross-industry and cross-technology studies to further ...

  7. The 10 most innovative joint ventures of 2021

    For the first time, we decided to recognize the most compelling new joint ventures, taking an expansive view of the concept to include strategic, one-off collaborations, civic-minded public ...

  8. Case Study

    IMD Case Studies IMD's case writing is globally renowned for its excellence, quality, innovation, and insight. ... to enter the Indian market through a joint venture. The two case sets the stage for a negotiation between the two parties, giving them an overall context, history and the specific issues each party is particular about. ...

  9. Past, present, and future of international joint ventures

    International joint ventures (IJVs) are an equity-based entity established by at least two independent companies from different countries (Shenkar & Zeira, 1987).IJVs are a popular mode for companies to enter international markets because they can reduce investment costs, access complementary resources, and lower environmental uncertainties (Dhanaraj et al., 2004, Dhanaraj and Beamish, 2004 ...

  10. Performance, Longevity and Evolution of Joint Venture: Investigation in

    Joint ventures (JVs) and cooperative business alliances have been around for over a century, initially emerging from the need for shared risk and capital. ... through a longitudinal case study of a successful business enterprise spanning four decades that has undergone the entire cycle. It finds that changes in partner composition and equity ...