The role of SMEs for driving innovation in different industries is an essential element nowadays for the economic activity. To remain competitive in this changing environment it is necessary to have an alignment between the business strategy, levels of innovation and management decisions. There are sufficient evidences that we are in the midst of a paradigm change in terms of innovation drivers. We cannot consider firm size and financial capital as relevant as in the past since the boundaries of the firm cannot be clearly defined anymore due to complex alliances, collaboration, cooperation and other forms of open innovation models and structures alike in place. This way, the primary source of competitive advantage has shift from a financial capital centric one to another where knowledge and information are more relevant. The purpose of this study is to analyze the collaboration options and strategy fit in the actual and upcoming context of telecommunications industry SMEs. In the initial part of the paper are introduced different concepts used in the thesis to provide an academically background to address the research questions that conform the thesis. The concept of Open Innovation and the different collaboration taxonomy frameworks are used to better understand distinct collaboration ‘flavors. To analyze the strategic fit, the concept of Value Network is presented in the pater. Finally, we have introduced a categorization of innovation levels relevant in order to leverage innovation processes. The following section of the paper describes the exploratory approach of this research, based on several interviews with managers that have been working in the ICT and telecommunications industry. These professionals have faced collaborations in one or another stage of their careers. The structure of the interviews is conceived to identify changes in the industry and technologies that have had an impact on the collaboration as a phenome in the past. The answers of the participants have been analyzed using the theoretical background introduced in the initial part of the 5 | P a g e document to answers the research questions. The final part of the paper addresses future directions and expected changes and challenges in order to adapt the collaboration strategy to the always-changing.