Networks and ecosystems are involved in Open Innovation (OI) initiatives, their collaboration mediated by technology. A central element of OI is the generation of value as perceived by involved actors. The paper investigates how information systems supporting collaboration (CIS) facilitate the generation of perceived value for OI participants. As multi-method qualitative research, the study uses interview and survey data derived from an innovation activity jointly implemented by two small and medium-sized enterprises and their ecosystem (ten participants), facilitated by two tools: video conferencing and online whiteboard software. The findings suggest specific functionalities and characteristics of these tools to support the development of three types of value: excellence, efficiency, and emotional value. The identified adverse impacts of the CIS encourage providing transparent guidelines for behaviour when using the CIS for an ecosystem’s innovation activity. The tools’ functionalities proved appropriate, with the Perceived Usefulness independent from prior experience. The research advances the understanding of the role of technology in value generation in an ecosystem’s innovation activity and supports practitioners in their decisions for digital support for OI. The study is limited by its small, qualitative approach and focus on the ideation phase of innovation.