Companies increasingly organize innovation activities within innovation ecosystems. This study illustrates the central role of the IP-model that an orchestrator develops for the innovation ecosystem partners. The governance of IP is instrumental for the success of innovation ecosystems as it determines the value appropriation potential for the ecosystem partners and positively influences the success of innovation ecosystems. The insights are based on a case study of IMEC, a public research institute in nano-electronics. IMEC has an IP-based orchestration model for innovation ecosystems through multi-party research collaborations between public and private firms.