This article considers how the innovation ecosystem concept has been defined to date and then reviews the extant ecosystem literature from two perspectives. First, it provides insights with regard to ecosystem boundaries, structure, and coordination, drawing on ecosystem research as carried out in different empirical contexts. Second, it outlines three theoretical perspectives that can be applied to ecosystem research—notably, the value creation perspective, the network embeddedness perspective, and the network management perspective. Building upon these perspectives the ecosystem concept is then applied to innovation strategy analysis, design, and implementation.