Abstract
A substantial body of literature, from a number of theoretical approaches, has been cautious as regards the difficulties of managing the emergence or evolution of strategic alliances. Nonetheless, empirical evidence of how bonding conditions or capacities are managed and developed over time is comparatively rare. Using empirical data from action research into venture initiatives between an incumbent telecommunications company and its partners, the authors explore the specifics of the management of exploratory partnerships. The data suggests that parties make use of exploratory partnerships to explore new opportunities, to identify both constraints and potentials, and to prescribe new learning issues. It demonstrates the need for specific governance mechanisms in order to maintain the explorative intent. In accordance with the findings, we suggest some implications for practice and further research.