Strategic Alliances Strategic alliances are less formal associations between companies compared with joint ventures. In a joint venture, a separate entity is often created, whereas in a strategic alliance the agreement and the relationship are less formal Enhancing R&D is a major reason why companies form strategic alliances. Robinson reports a National Science Foundation study that indicated that one company in ten that was involved in R&D financed such work outside of the company.A strategic alliance with another business is a great way to expand your reachgrow revenue and increase customer base.