Abstract
This study explores how organizations in innovation ecosystems co-create and capture value and what types of challenges they face in creating and capturing value. Based on a multiple case study, the authors show that organizations in nano-electronics establish innovation ecosystems to access not only knowledge and technology, but also other complementary assets. The analysis of various value creation and capturing mechanisms enables the authors to generate a framework to illustrate the potential challenges and required management activities in developing innovation ecosystems. Finally, the authors offer some reflections on the theoretical implications of this study and the lessons for managers and policymakers.