Purpose: This paper aims to provide academics and practitioners working with collaboration of technology information and innovation with a review of key interfirm-collaboration topics, such as the determinants of innovation activity, innovation, imitation, the impact of competition, collaboration versus competition and a review of game theoretic approaches. Design/methodology/approach: This paper is a comprehensive review of extant literature, conducted and analyzed systematically. Findings: This paper highlights that when firms absorb collaboration opportunities that involves information, there are critical elements for success, which need to be considered, including economies of scale, knowledge sharing, market size and volatility, strategic partner selection, intellectual property rights, spillover effects, collaboration costs, trust and commitment, opportunism and overall collaboration strategy. Originality/value: This paper contributes to existing information literature by emphasizing various game theoretic approaches, which highlight how collaboration costs are shared when collaboration occurs. In conclusion, ten managerial implications are offered about collaboration of information technological innovation.