This research report investigates the management dynamics and structures in Finnish innovation ecosystems and aims to pinpoint different value creation challenges that appear in innovation ecosystem management. Innovation ecosystems are looked at as a dynamic set of actors and activities, whose coordination needs focusing on the network of participants, a governance structure and a shared logic, to enable innovative performance. We focus primarily on how a network of participants in an innovation ecosystem is combined, how a shared logic is created and maintained, and what governance structures are suitable in both public and private ecosystems. In addition, we look at the use of 'innovation ecosystem' term, the alignment between a company's strategic objectives and innovation ecosystem participation and, Finland as context for innovation ecosystems. The data of this report consists of 37 interviews with ecosystem representatives in Finland conducted between November 2020 and March 2021 and a supplementary survey with 50 respondents from February-March 2022. The main findings are a list of recurring challenges related to the key attributes in innovation ecosystems in Finland and their suggested solutions. The term innovation ecosystem remains ambiguous and early conversations and sensemaking processes for ecosystem partners are imperative to build trust and help each partner clarify how the ecosystem activities could help in realizing their own company's business strategy. Top-down and bottom-up governance processes and their main concerns are also identified in this research report.