If someone works in a Joint Venture as a secondee of one the shareholder. One of the shareholder wants first to study the area, analyze the prospective clients, do market research, before make the initial investment. On the other hand, the other shareholder wants to start the production immediately to generate cash flow in order to leverage all the studies the other shareholder wants to do, but to do this it is require investing part of the money immediately.
How the secondees inside the IJV need to approach this problem? Because when secondees are inside the company they work for both shareholders.
You have to agree on a shared agenda and dashboard where the KPIs will be in place. You may have to focus much more on capital asset valuation rather than the NPV of a joint venture itself (possibly merging the NPVs of each shareholder so as to see the contribution?). The most challenging part is to ensure that you will stay on the same page at all times without having a friction about pace for execution.
The KPIs evolved will give you a good understanding whether there is a short or a long payback on this research study that needs be implemented.