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The term “collaboration” as an economic concept is not yet widely used in Russian management theory and practice. However, anything new or relatively new requires exploration, understanding, and presentation in scientific works to contribute to the advancement of scientific knowledge. In our view, collaboration, although well-known abroad, has not yet found its rightful place in the Russian management tradition. The semantic content of the definition of collaboration needs clarification, as the term is often equated with partnership, cooperation, and other similar concepts. The term may even be negatively perceived due to its association with the word “collaborationism”, which is not a correct identification. Moreover, a literal translation of this term from English does not convey the full meaning inherent in the concept. The character of collaboration institutionalization is an important aspect of recognizing it as an economic system, both through the lens of managerial decisions and joint value creation. Equally important is the distinction between formal and informal collaboration, as well as the consideration and study of the collaboration lifecycle in combination with the duality of its purpose. This article aims to fill this gap. In the RINC (elibrary.ru), 610 publications were found using the keyword “collaboration” (accessed on 01.11.2023) in the field of 06.00.00 “Economics. Economic Sciences”.