The diffusion of new innovations into a business ecosystem is an interesting phenomenon. In order to gain competitive advantage for SMEs and also to add value in SME networks, the dynamic nature of the business ecosystem demands the capability to adapt new ideas. On the other hand, the risk-bearing ability of SMEs alone can be a barrier to the utilization of novel innovations. In order to answer our research question – how to improve innovation diffusion in a business ecosystem via SME networks in collaboration with academia – in this article we introduce the Mediator-assisted innovation diffusion model (MAID). The model was tested in a multiple case study where a total of 18 organizations participated. In the conceptual part of this paper we discuss the context of business and innovation ecosystems, the process of innovation diffusion and the mediator’s role in value creation for SME networks in such an evolving ecosystem.