So far in this book, we have examined global strategic alliances from theoretical and practical perspectives as well as in reference to specific industries—namely, automobile manufacturing, pharmaceuticals, airlines, and telecommunications. You will find it interesting that despite the reported high failure rates of interfirm partnerships, there is a growing interest in such a strategic mode. We can explain this paradox by the fact that strategic alliances, in comparison with alternative corporate strategies such as greenfield investments, mergers, and acquisitions and business strategies such as sole ownership of value chain activities (including R&D, production, and marketing), offer synergistic benefits and flexibility. We discussed this point in Chapter 1, and we presented the rationale for strategic alliances with a comparative analysis. Nonetheless, managing strategic alliances is a challenging task for managers. Reuer noted, “Executives engaged in alliances, as well as those more reluctant to try their hand at collaborative strategy, are keenly aware that success does not come easily.” 1 Given cross-cultural differences and geographical distances, managing global business alliances becomes even harder than handling domestic business alliances. Thus, in this concluding chapter, we will address a managerial dimension of global collaborative ventures and offer some insights into effective management of such arrangements in a systematic manner. Rather than summarizing previous chapters, we will describe their implications in a managerial format because managers are mostly eager to learn the practical aspects of interfirm partnerships rather than spending lots of time on theoretical foundations of the alliance phenomenon. Nonetheless, for those managers who are interested in theoretical roots of alliances, Chapters 2 and 3 provide a great deal of information.