This study investigates the potential risks and barriers that can impact the performance of startups engaged in collaborations with an incumbent firm within an innovation ecosystem. Employing a systematic literature review methodology we identified, discussed and interpreted, through the Gioia methodology, the main challenges faced by stratups when partnering with larger established organizations. Our findings revealed that risks can be summarized by a matrix based on the outcome of collaboration and its impact on the startup. Similarly, barriers are grouped into those that prevent collaboration begin and those that hinder its progress. This research contributes to innovation and entrepreneurial literature by providing a clear understanding of the dynamics that characterize the innovative collaboration of startups and established companies within innovation ecosystems.