Today’s business environment has gotten too complex for a company to formulate policies and strategies without bringing in internal and external stakeholders.  Collaboration is essential, but takes time, effort, and resources.  If not done properly or attempted in the wrong environment or culture, collaboration can increase time-to-market and possibly result in sub-optimal decision-making.  This literature review focuses on what collaboration looks like in business today by citing common models and best practices.  It ends with a look at bringing such models and practices to academia.