The purpose of this paper is to propose a conceptual framework dedicated to analyzing organizations regarding their settings to support or hinder open innovation and to propose a way to find best innovation strategy. We elaborate on the settings to take into consideration to successfully undertake an open innovation journey, such as process as vectors of opportunities and capacities as assets to seize the opportunities. We deepen our understanding by studying the most recent typologies and maturity models of open innovation strategies. Then we discuss the personal and institutional factors that can support or hinder open innovation success, such as absorptive capacities and cultural awareness. Finally, we considered the settings allowing entrepreneurs and organizations to evaluate their open innovation maturity regarding their settings and management conditions regarding their open innovation process and capacities allowing to manage the open innovation related knowledge. This paper allows organizations’ managers, employees and students, to identify an organization's maturity in terms of open innovation activities and knowledge management awareness.