AbstractThis paper investigates whether the systematic application of open strategy can align goals in emerging public‐private hybrid organizations, which face the challenge of integrating different identities, forms, and rationales from both public and private stakeholders. We develop an evaluative framework, addressing three crucial issues for a public‐private hybrid's early development: What is the public‐private hybrid's purpose? Who are the strategic actors involved? What knowledge and skills are needed? By applying the framework to a qualitative case study from the field of Swiss innovation policy, we learn that inclusiveness and transparency largely depend on the timeline of a hybrid's emergence. Public‐private hybrids can either choose an inclusive, transparent but gradual, and slow strategy process or a speedy process characterized by the traditional ‘management at the top’ approach. This study offers both empirical and theoretical insights into strategy development in public‐private hybrid organizations and its significance for public policy implementation.