We observe that the nature of trust when viewed in a collaborative context can have varied implications and outcomes. For example, actors who may trust one another in one situation may not display the same level of trust in other situations. These trust variations arise as a result of differences in organisational competencies, the nature of the contract and the level of goodwill the collaboration expects. It is broadly agreed that trust is important in relation to collaborative ventures. In this article, we use the ARCON reference model as a framework to consider endogenous and exogenous aspects of trust important in the establishment, operation and dissolution of collaborative ventures. Some observations are made about the use of the model and some possible shortcomings are noted. Most prior research is focused on the influence of trust on internal operations of a collaborative venture. In this article, we identify the need to also consider trust of the venture by external stakeholders.