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Raising the odds of success of strategic alliances can have important performance consequences. It requires recognition that alliances are embedded in the strategies of each of the partners. The odds of success increase when the symmetry in the strategic exploitation/exploration intent of the partners is present at the start and is re-calibrated and maintained over time. However, the surfacing of asymmetry is not necessarily a sign of failure but should be expected as both the strategies of the parents and of the alliance evolve over time. In this paper we outline a framework for considering the strategic decisions for entering into an alliance and some of the key issues involving the management process of alliances. Our research and experience documents that this simple yet powerful framework will work to raise the odds of a successful strategic alliance.