Both the cloud computing and open innovation paradigms represent recent phenomenon and as such many unanswered questions still persist. Indeed cloud computing’s full innovation potential may only be fully realised through an open innovation approach. In responding to this research gap we propose a new value creation framework which is based on a review of the literature on cloud computing, innovation, open innovation and value. Taking the framework layer by layer, this paper describes the innovation potential across components capable of offering value to organisations. The main contribution of this paper lies in proposing a framework that seeks to identify best route(s) to value, thus providing a visual mapping to enable organisations determine which cloud computing components, implementations, solutions and innovation approach is most suitable for value attainment.