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With firms’ increasing use of alliances for new product innovations, alliance portfolio has become a primary unit of analysis in marketing, management, and other disciplines. In particular, the portfolios of innovation alliances intended for knowledge creation play a critical role in generating radical new products. A common practice in examining the alliance portfolio is to aggregate alliances initiated in the past regardless of when they were initiated. However, this practice is based on a questionable assumption that alliances in a firm’s alliance portfolio have the same value or relevance for particular outcomes. Building on the concept of dynamic capability, We examine the value of innovation alliances initiated at different times in a firm’s innovation alliance portfolio. The analysis of innovation alliances in the biotechnology and pharmaceutical industries shows that 1) the value of innovation alliances first appreciate and then depreciate over time for radical new product development performance, and 2) the common practice of aggregating individual alliances without appropriately considering their weight can result in underestimating the effect of the innovation alliance portfolio on radical new product development performance. This study suggests that future research on the alliance portfolio needs to take into account the relevance of alliances initiated at different times for particular outcomes.
