Innovation thrives when open collaboration and formal consensus-based standardization work hand in hand. Open-source communities rapidly develop and refine technologies, while standards bodies establish the trust, interoperability, and long-term stability needed for global adoption. Rather than competing, these approaches create a virtuous cycle: standards drive interoperability, open-source drives implementation, and both benefit from broad community participation. This session explores emerging models of cooperation between standards organizations and open-source foundations, identifies barriers that still exist, and discusses how the next generation of media infrastructure can benefit from stronger alignment between the two worlds.