Academic research on ecosystems can be traced back to 1993, when Moore introduced the concept of the business ecosystem. Since then, various classifications of ecosystems have been proposed, including those related to innovation, entrepreneurship, and knowledge. Innovation ecosystems have been defined as dynamic networks of actors, resources, and activities that promote innovation and value creation. Conversely, entrepreneurial ecosystems involve entrepreneurs collaborating to promote economic growth. Finally, knowledge ecosystems involve organizations exchanging knowledge to generate innovation. In recent decades, innovation ecosystems have become particularly popular, with a growing academic interest and over 2,300 results on Scopus related to this topic. However, there has been a significant increase in definitions and a lack of clarity in their usage, making it crucial to define the concept of the innovation ecosystem. This article aims to provide an in-depth view of the topic by examining definitions, actors involved, motivations, and risks associated with collaboration in innovation ecosystems through a literature analysis.