This paper explores the concept of strategic partnerships within the context of Innovation Ecosystems. Relying on the Open Innovation framework, the study investigates the key factors shaping the decision-making process of establishing new partnerships between different IEs. Through a multiple-case study design involving Kilometro Rosso, AMS Institute for Advanced Metropolitan Solutions, and Connected Places Catapult, the research aims to assess the reliability of a tool composed of six constructs: partners’ maturity, execution capacity, proof of value, co-development, intellectual property management, and internationalization potential. Findings reveal the efficacy of the tool in assessing proof of value, execution capacity, and internationalization potential. On the other side, it sheds light on emerging IP management strategies, highlighting the importance of alignment with IE objectives and contextual factors. The practical contribution of this work lies in the creation of a framework that can be beneficial for assessing the attractivity of potential partners and enhancing collaboration effectiveness between IEs at a national and international level.