Collaboration between large companies and start-ups presents unique characteristics that distinguish them from other forms of partnership and can effectively drive innovation for both entities. To enhance the understanding of this phenomenon, this study systematically examines the relevant literature on the subject. By analyzing and synthesizing 103 articles from peer-reviewed journals, a comprehensive framework is developed, elucidating the pertinent antecedents, mediators, and outcomes of such collaborations. Furthermore, fundamental gaps in research content are identified, including 1) the influence of individual and organizational factors on partnership dynamics and performance, 2) the effectiveness of such collaborations in different types of innovation pursuits, and 3) the negative consequences for partners in the event of collaborative project failure. Based on these defined concepts and identified gaps, an agenda for future research is proposed in terms of theoretical, content-related, and methodological directions.