Abstract: Purpose/Significance The development of “Internet +” has brought about tremendous changes in the internal and external environment of the enterprise’s innovation ecosystem, and has spawned a diversified value co-creation model. Design/Methodology Based on the S-D logic, this paper analyzes the impact of “Internet+” on the value co-creation of enterprise innovation ecosystem, and summarizes three value co-creation models, which are organization-led, community-driven and institution-community collaboration. Cases of Dmall, Hupu and WeChat mini program are analyzed to illuminate these models. Findings/Conclusions The research shows that the value co-creation of the “Internet +” corporate innovation ecosystem must be based on a common value goal as the starting point, human nature as the base, innovation as the support, and service as the main line, and committed to the sustainable development of value co-creation.