This study analyzes how a developmental state fosters its ICT industries through the network alliances among a boundary organization and ICT industries. The cooperative networks of ICT industries play a strategic role for the national development in a global networked economy. We argue that different network pictures lead to different managerial strategies and capabilities. Drawing on studies of network pictures, this study details an interpretive case study in a major semi-government sponsored ICT marketing research institute in Taiwan. We explore the relationships between this boundary organization, ICT businesses and their dynamic networking relationship. The findings highlight how the inertia of network pictures stabilizes value creation activities and capabilities in the boundary organization, thus limiting it opening to a more radical future-oriented strategic network.