ABSTRACT It is commonly assumed that inclusive business relies on collaboration to create commercial businesses that benefit low‐income populations. Yet, the relationship between collaboration and inclusive business remains unclear. Through a systematic literature review, we assess the state of knowledge on how collaboration informs inclusive business. An interpretive synthesis based on abductive coding of 35 articles selected through systematic screening led to three inclusive business archetypes with unique interpretations of inclusive business and collaboration. The “Pragmatist” favors transactional collaboration to overcome market constraints in low‐income markets, (faultily) assuming product access enhances consumer wellbeing. The “Connector” proposes an integrative collaboration to establish linkages between inclusive business and low‐income populations and facilitate resource and knowledge exchange, raising tensions between capacity development and commercial viability. The “Transformer” prioritizes transformative collaboration to address the root causes of problems, advocating significant investments with uncertain returns. The archetypes provide a conceptual starting point to classify inclusive business. Each archetype presents unique challenges in the integration of commercial and development objectives, underscoring the need for further research on the viability of win–win discourses.