Open Innovation is considered a ‘hot’ concept in research as well as in industry practice. At the same time, at least two critiques have been raised against the notion: that it is based on old theories and that the term is vague and nonprecise. Based on a bibliometrical analysis, this conceptual paper structures the emerging field of open innovation into two interrelated perspectives; the firm perspective and the ecosystem perspective. By that, it introduces an integrated framework for open innovation and shows how various concepts under the umbrella of open innovation are related to each other. A discussion is presented on how the two perspectives relate to earlier innovation management literature and how they are linked by ‘new’ interaction approaches, such as toolkits, innovation contests, crowdsourcing, and innovation intermediaries.