The work identifies the main enabling dimensions and the strategic drivers to foster value co-creation and sustainable innovation in service ecosystems. The aim is to explore how resource and knowledge integration, through technology-mediated interactions, can lead to the emergence of novelties (new products, services, processes, social, and environmental practices). Based on a re-elaboration of literature, the study introduces a framework that describes the main drivers for managing the emergence of value co-creation and innovation (co-design, co-development, co-delivery, co-learning) across the contexts of exchange of service ecosystems (micro, meso, and macro). A “meta”-level is conceptualized to investigate how management can harmonize an actor’s objectives with an ecosystem’s goal to encourage the diffusion and renewal of a sustainable and innovation-oriented culture. The empirical research applies the framework proposed in the theoretical section to a case study analysis on “Palm”, an Italian company that designs and produces wood packaging. The technique employed is qualitative content analysis. The findings permit conceptualization of the key strategic levers for the management of co-creation and to increase managers’ and scholars’ understanding of (1) the enablers of value co-creation and innovation; (2) the mechanisms leading to knowledge renewal and the continuous production of sustainable innovation.