The dimension of the alliances has compelled experts to revise their preconceptions about the internationalization of companies and to include this strategy in their models as Uppsala model was forced to acknowledge. This article focuses on one of the alliances forged in Europe, very deviated from the practices of the majority because it was a company with exclusively European partners. It adopts the perspective of a peripheral country (Spain) in the global economy and from the special status of at least one of the partners in a monopoly. Finally, the article follows case study methodology, which aims to delve into the complexity of the processes and the phenomena at hand. The article responds to the need for an alternative approach to industry analysis that is particularly important for technology-based industries and the most turbulent high-tech industries. The first section examines the creation of European Silicon Structures as a strategic alliance in the European semiconductor industry. Parts two and three look at the case of Spain and the role of demand using the example of Telefonica. Conclusions are presented in the final section.