To acquire and utilize a diverse set of capabilities, firms develop alliance strategies that help integrate different disciplines and bodies of knowledge; provide access to technologies, markets and customers that might not be easily reached otherwise; enable the acquisition of R&D; and employ innovations that might otherwise be too costly to implement and might allow one technology or set of standards to dominate another. This chapter on strategic alliances begins by discussing the different conceptual frameworks used by scholars to develop the notion of alliances. Next, alliances are defined in the context of these prevailing conceptual frameworks. The stages of alliance development are discussed, beginning with strategic intent and partner selection. Then alliance governance is discussed. The chapter concludes with managerial and academic implications.