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Development of new products or services in the bio-tech or high-tech fields invariably involves a combination of highly specialized skills or techniques from different areas. This possibly explains why there are so many joint research and development ventures in the bio-tech and high-tech industries. But joint ventures are not without their own problems.

Taking a real example of a joint venture, what are the potential benefits and problems for one (or all) of the participants? Discuss how the joint venture could be set up in such a way so that still produces the potential benefits but avoids some of the pitfalls inherent in such projects.

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