Abstract:Extending previous research has shown single theoretical lens to explore the emergence of alliance portfolios has typically viewed their formation motivation, such as organizational structure, static transaction efficiency and conventional phenomenon. We draw on multiple theoretical, and then conceptually integrates external environment changes and value co-creation of organization to reveal firms’ motivations to engage in alliance portfolios. The research indicates that enterprises create multiple simultaneous relationships with various partners, which can help to reduce uncertainty of external environment or create more opportunities to obtain diversified and heterogeneous resources for that can promote open innovation within enterprises. Furthermore, we explore the innovation output of alliance portfolios are likely to impact by the capability and character of participants and other organizations as well as Diversify multi-link interactive. Enterprises entering into alliances that can improve flows efficiency and expand the search scope of resource which would create resource combinations deployed providing value by network resource stocks and diversity in alliance portfolios.