In the current environment of global collaboration, multiple models for collaborative ventures have been introduced. We consider traditional, contractual interactions as well as three modes of collaboration—supply-chain management, a standard virtual organization, and inter-organizational collaborative software development (ICSD). After outlining multiple characteristics of these modes, and their strengths and weaknesses, we examine how to select an approach for a software project, and characterize non-software-development applications for which an ICSD approach may be appropriate. Each of these can then be used as input in selecting an optimal mode and practices for the project.