In order to achieve breakthrough innovation development, it is important to create a favourable innovation environment that will facilitate creating and commercialization of innovations into demanded market products in the economy and social sphere. However, in the context of digital transformation, the innovation ecosystem needs to be improved as its elements as well as their interrelationship need to be modernized. This created the need for conducting a study, aimed at developing theoretical provisions, methodological tools as well as an appropriate model for managing the innovation ecosystem as the most important condition for implementing effective innovations in the age of digitalization.