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Companies are entering into more joint ventures than ever before to keep up with the pace of innovation. Such deals are complicated and can have a low probability of success. To help the deal succeed, make sure you choose partners who have a shared mission and vision, spend time during the negotiation stage planning how to handle exit strategies and things that could wrong, and put a lot of care in choosing board members. Also keep in mind that joint ventures are iterative and will change based on changes at parent companies and in the external environment.