This focused review of the nonprofitbusiness collaboration and related corporate social responsibility literature identifies problematic aspects of the treatment of value creation and, therefore, develops a conceptual and analytical framework to address them and the following research question: How can collaboration between nonprofits and businesses most effectively co-create significant economic, social, and environmental value for society, organizations, and individuals? The first two components of the Collaborative Value Creation framework are presented in this first of two articles The Value Creation Spectrum provides new reference terms for defining and analyzing value creation, and Collaboration Stages reveals how value creation varies across different types of collaborative relationships. The framework’s next two components, which are elaborated in the sequential article, are Partnering Processes, which reveals the value creation dynamics in the formation and implementation stages, and Collaboration Outcomes, which examines impact at the micro, meso, and macro levels.