Nowadays possibilities of information and communication technologies facilitate the use of IT-based tools for integrating external innovators into the innovation processes of organizations. These tools, such as innovation communities, innovation contests, innovation toolkits, and innovation market places are subsumed under the term open innovation platforms (OIPs). Despite the existence of numerous insights into OIPs, a dedicated approach on how to manage an OIP throughout its lifecycle has been missing so far. Stefan H. Hallerstede addresses this gap and develops a lifecycle management model for OIPs. He merges knowledge on information systems with findings from open innovation literature. In addition, he introduces the major players in the market. The study is built on three in-depth cases of professional OIP lifecycle management and elaborates guidelines for managing each phase within an OIP’s lifecycle.