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In today's discussion, the speaker explains the differences between joint ventures and collaborations. Joint ventures involve two companies collaborating to undertake a significant project that one cannot complete alone, commonly in large construction projects. They establish a separate company, called a Joint Venture Company (JV Co), typically with ownership structures like 50-50 or 51-49. In contrast, collaborations (also known as contractual joint ventures) do not create a new entity; instead, they consist of contracts that outline the terms of cooperation between the parties involved, making them a common approach in various business relationships.