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Companies that encourage teams to move fast and experiment must take care that new initiatives get sufficient oversight and remain aligned with the overall corporate strategy. Some have established a portfolio team made up of top executives to monitor and adjust the mix of fledgling projects that might fall outside of existing corporate structures like R&D or business lines.

It is not unusual for companies to generate substantial revenue through alliances. However, alliance failure rates are high, leaving much revenue at risk and value unrealized. The big challenge facing managers is to align company interests with alliance interests. Such alignment can only be achieved when executives pay considerable attention to building the right collaborative business model. In this article, we synthesize the insights of the existing literature to arrive at three collaborative business models-sharing, specialization, and allocation-that managers can use to address the specific requirements of their alliances. Because the literature provides limited insight into how to operationalize these models, we highlight what managers need to focus on when operationalizing each of these models. We find that the choice for an overall business model is relatively straightforward in most cases but that operationalization of business models requires more complex combinations of management techniques. Finally, we show how the three collaborative business models can be combined to build hybrid models