Outsourcing increases supported by technology have led to the formation of virtual strategic partnerships. Historically, 70% to 75% of alliance partnerships fail because members are often competitors outside the alliance network. To address alliance failure, a Delphi Study was conducted to identify the role of trust and alliance performance outcomes in the areas of contractual and management control, resource sharing, and network flexibility for the successful development of partnerships within the meeting and events industry. A three-round Delphi Study consisting of 15 expert panelists provided robust data that support the importance of trust as creating a platform of respect, increased partner cooperation, and understanding among stakeholders. The study’s purpose was to address the influence of trust on performance outcomes using the Delphi method. The thematic finding of this Delphi Study is that, in general, leadership-based practices had a greater influence on virtual strategic alliance performance than trust-based practices. Findings support a contingency approach to create a platform of respect, alliance vision, clear roles, and partner expectations to build trust. A majority of the expert panel included trust as a contributor to the collective performance of the alliance when alliance members work as a team to meet or exceed individual member’s goals and net profit objectives.