To realize company goals firms increasingly depend on each other (e.g. Gnyawali et al., 2009; Chen and Miller, 2012). In order to overcome such organisational dependencies, firms can engage in innovation ecosystems in which actors work cooperatively and competitively to co-create new products and services (Moore, 1993; Nambisan and Baron, 2013). While several contributions suggest that ecosystem residence enhances firm performance (Moore 1993, Cusumano and Gawer, 2002; Iansiti and Levien, 2004; Li, 2009) extensive empirical studies looking into value creation and appropriation are rare (Adner and Kapoor 2010). We aim at filling this gap in the literature by investigating under which circumstances firms derive advantages from belonging to an innovation ecosystem. In doing so, we build upon social exchange theory (Emerson, 1976; Narasimhan et al., 2009).