This paper investigates the process of stakeholder collaboration between firms and non‐governmental organizations (NGOs) in Sweden. Collaboration is increasing in importance for corporate social responsibility (CSR); however, the literature does not adequately address how firms and NGOs begin and advance their relationships. This paper focuses on one fashion retailer and four NGOs in Sweden, implementing a resource‐based view to better understand CSR. These NGOs support the firm's CSR toward asylum applicants and low‐income individuals. This study makes three contributions to the CSR literature. First, it finds that the firm and NGOs select each other based on their resources, but for different reasons. Second, it demonstrates that NGOs adjust to corporate demands, but whether this hampers mission integrity depends on the balance between current and future potential for resource acquisition. Finally, it shows the influence of the Swedish context on CSR, arguing that public opinion can be shifted through policy making. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment