Recent studies suggest that the effectiveness of open innovation (OI) can significantly differ amongfirms. Onepossible reason is the different ways of implementing OI strategies. Another is the ignorance of the explicit roleof business model (BM). In this study, we integrate the two plausible explanations by exploring the impact of theinterplay between different OI implementations and BM onfirms’new product development (NPD) speed.Empirical results from a survey of 265 Chinesefirms show that both OI breadth and OI depth positively affectNPD speed. More importantly, wefind that an efficient BM strengthens the positive effect of OI depth while itweakens the positive effect of OI breadth. We alsofind that a novel BM strengthens the positive effect of OIbreadth while it weakens the positive effect of OI depth. This research contributes to OI literature by under-scoring the importance of matching the BMs to the OI strategies to facilitate NPD