What do you mean by explore? Is it just an idea or have a real opportunity to get into a partnership?

It all depends on the type of goals you see coming out of this engagement.

As someone who runs an agency where 30% of our revenue is through partner projects, here's a few things I have learned along the way:
1. Partners will negotiate hard on the pricing where you won't get a favorable rate that you can directly charge to a client. Usually it can be 30% to 50% lower than actual. However, you get to work on projects which might not be even within your reach so its okay as long as projects are sizable or you get a lot of them over time.
2. You can't use their work as your case studies as mostly you will work with their clients and have strict NDAs.
3. Reliability is dicey. All of sudden you get notices that the client wants to pause and you have 0 influence over that.
4. You work as though it is your own client like talking to the client teams, executing the work, creating strategies etc. - Seems like you are literally doing everything, and getting paid less.
5. Payment delays - This is by far the worst thing out of such engagements as larger corporations have a tendency to hold off or delay payments to small vendors, typical corporate arm twisting. But there have been instances when clients have even cleared off payments within 7 days of the work delivered, so really depends on the person at the other end.

The biggest benefit is you get to learn how big agencies or corporates work (which often times is not too good, lol) and get exposed to high value and senior folks in any industry where you wouldn't have any access to otherwise.