The mutual need between organizations and startups, from one side to stay competitive and the other to survive, leads to open innovation relationships. However, the actors are asymmetrical, leading to a risk that no value is created. Nevertheless, value needs to be created in the relationship to enable open innovation. This study identifies in literature four relational factors. The aim is to investigate how a startup and established organization perceive the relational factors of actor bonds, resource ties, activity links, network embeddedness, and their influence on value creation. Six semi-structured interviews are conducted. The main findings are: (I) all the relational factors influence value creation in this context. Thus, all are needed to enable an open innovation process (II) each theme that emerged in theory was confirmed (III) each actor􏰈s perceptions were found to be different, demonstrating that value is determined differently depending on the unique actor, their needs and context. Therefore, each actor needs to put more emphasis on the specific themes that actors in the relationship find valuable (IV) new themes are found to influence the relational factor of actor bonds (V) the level of value created depends on how the relational factors are managed by the actors.