Interorganizational relationships (IORs), according to these authors, represent a promising means for developing new capacities in the creation of strategic partnerships between colleges and universities. In this study, the authors focus on academic IORs that are strategic in nature (i.e., they extend beyond the mere sharing of library books or bulk purchasing or similar consortia activities) and have been "established for a variety of reasons relating to the inability of one of the partners to solve an important problem" (Borys & Jemison, 1989, p. 241). To put it simply, they are working together because no single partner can accomplish what it seeks on its own. This research focuses on a particular type of strategic alliance, curricular joint ventures (CJVs), which are partnerships where two or more institutions collaborate with one another--including making shared financial investments (thus assuming shared financial risks)--to develop an academic venture neither partner could launch on its own (Dussauge & Garrette, 1999; Hamel, 1996; Porter, 1996). In this qualitative study, the authors gathered data from several existing CJVs to begin identifying the factors that influenced their formation and management. They pursued the following questions: (1) How do institutions create mutually beneficial curricular joint ventures despite differences in institutional cultures, policies, and practices?; and (2) How do alliances address inevitable conflicts and differences among the parent organizations? (Contains 2 notes.)