The aim of this paper is to investigate the role of boundaries management when firms should implement open innovation. The paper is based on: the review of relevant literature on strategic management, firm’s boundaries and open innovation fields; a survey of a sample of Italian listed firms. Findings show, from a side, that open innovation and many modern paths growth are connected to the firm’s boundaries and, on the other side, that boundaries management play a key role for the implementation of open innovation. Indeed, we provide implications for practitioners by shedding light on the advantages and the risks that can jeopardize the successful outcome of opening up the innovation processes without the effective management of boundaries.