Purpose – Companies engage in various relationships with external stakeholders to create attractive offerings. The purpose of this study is to describe the most common business collaboration concepts, and compare their characteristics. The concepts are evaluated in terms of their implications for companies, particularly in innovation and NPD collaboration contexts. Design/Methodology/Approach – This study is based on the literature findings on common business collaboration concepts, analyses of their characteristics, and an evaluation of implications from a company’s perspective. Findings – The main characteristics of business network, business cluster, triple helix, keiretsu, business ecosystem, and innovation hub concepts are identified in terms of members, goals, coordination, boundaries, change dynamism, the nature of relationships, the role of knowledge, and competitors. The key implications for companies with emphasis on innovation and NPD are provided. Research Limitations/Implications – This research is based only on literature findings and related analyses. Due to the nature of the study, many collaboration concepts are covered, which makes in-depth analysis difficult. Practical Implications – This study clarifies the characteristics of most common business collaboration concepts. The key implications for a company include the need for interaction with various external stakeholders to enhance innovation, opportunities and access to important resources, and the need to prepare for network changes. Originality/Value – While many collaboration concepts are utilized in contemporary business literature, their use in scientific research varies, and the concepts have not been analyzed and compared together yet.
