This plenary session brings together three leading experts to discuss what we have learned from the rich accumulation of strategy research on alliances and collaboration over the past thirty years, and what important gaps remain. What roles can alliances and collaboration play in firm strategy? How do alliances compare with other ‘resource pathways’ such as internal development and M&As in facilitating firm growth and profitability? What are the primary drivers of key alliance characteristics such as partner selection, scope, and governance? What are the key facets of alliance design and organization, and what enables firms to create and capture value in alliances?