This study explores the managerial perspectives towards open source software and networked innovation. We analysed six software companies who use open source software as a significant part of their product or service offering. The study found notable differences in managerial attitudes, expected benefits and key challenges related to open source software and its role in innovative activities. While all companies were using same pieces of software with open source communities, there were different levels of engagement in the development of the software and information flows between companies and communities. A deeper level of involvement enables the exchange of more than just the code: like ideas, influences, opinions and even innovations or parts of them. The differences in managerial views on open source and networked innovation may be explained by industry domains, value chain position and leadership style