Ecosystems have become an important topic for business leaders. The pace of change in contemporary business environments means that the creation of value and decision making cannot be centralized. This is particularly true when it comes to innovation. Leaders need to accept that they don’t always have the winning ideas and focus on creating an ecosystem that allows winning ideas to consistently emerge. In two decades of strategy consulting and research with over 100 companies, we have learned that building such an ecosystem requires developing capabilities for exploring new ideas, experimentation, accepting failure, and working with external partners.