Alliances are at the core of firms’ innovation strategies. They allow firms to strengthen their innovation activities by providing access to technological knowledge developed by other firms. For this reason, alliances are particularly common in high-tech industries where the market position of firms is very dependent on their ability to introduce new and improved products and services. Often, however, alliances fail to meet expectations and do not lead to valuable outputs. It is therefore important to understand what distinguishes successful from less successful alliances.