The model of the Economy for the Common Good (ECG) has cooperation as one of its main principles. This alternative economic model proposes to prioritize cooperation over competition to favor the creation of social value. From this point of view, strategic alliances between organizations can be used as an instrument that supports implementation of the ECG model. In recent years, alliances between for-profit and non-profit entities have been strengthened as a method to facilitate actions focused on social responsibility and sustainability. Moreover, the ECG model has become an adequate management framework for corporate sustainability. This work aims to connect alliances between for-profit and non-profit organizations with the ECG model. First, this connection is manifested in a theoretical way. This paper is going to analyze how such alliances can contribute to increasing the values of the ECG model: human dignity, solidarity and social justice, environmental sustainability, and transparency and codetermination. Afterwards, this work analyzes two cases of this type of alliance—Grupo Vips-Fundación Hazlo Posible and Danone Foods-Grameen Bank—to determine the benefits that this type of cooperation can provide to society. We study their motives and the benefits that they bring to the organizations and the community. Therefore, this work assesses how these types of alliances influence the different topics included in the Common Good Matrix. Moreover, we conduct a comparative analysis between both cases. This work demonstrates that, by implementing this type of strategic alliances, the creation of social value is favored, thus contributing to implementation of the ECG model.