A participant in a joint venture or long-term business relationship. Typically, a company that is larger and more established will join forces with a smaller, less established company for their mutual benefit. Although the larger company may have strong name recognition, more distribution power, or more financial resources, the smaller company may have a new product or technology that will benefit the larger company. Strategic partners have an agreement with a narrow purpose, however they donÂ’t get involved in either otherÂ’s overall business.