Collaboration is a hot issue, and is to an increasing extent recognised as a key driver of overall business performance, innovation capabilities and productivity. However, few companies methodically evaluate how well they perform in the area of collaboration, and few companies have implemented management and leadership principles to systematically improve collaborative performance. This article describes the commonly occurring mismatch between the potential impact of collaboration on business performance and the attention given to collaboration. Furthermore, the article explains why companies should approach collaboration strategically, and identify new ways of fostering and facilitating collaboration in a structured manner. The article proposes a value perspective on collaboration and provides a framework for classifying and managing different factors related to collaboration, and concludes with a list of specific action points for organisations that are interested in improving their collaborative performance and obtaining a higher Return on Investment (ROI) on their collaboration initiatives.