This paper describes research-in-progress that explores the applicability and implications of cloud computing in the creation of business value through open innovation. Both the cloud computing and open innovation paradigms represent recent phenomenon and as such many unanswered questions still persist. In responding to this research gap we propose a new value creation framework which is based on a review of the literature on cloud computing, innovation, open innovation and value. Taking the framework layer by layer, this research in progress shall evaluate the innovation potential across components capable of offering value to organisations. The main contribution of this paper lies in proposing a framework that seeks to identify best route(s) to value, thus providing a visual mapping to enable organisations determine which cloud computing components, implementations, solutions and innovation approach is most suitable for value attainment.