The ecosystems construct in combination with interorganizational network theories have been used to evaluate the emergency of the Libra Association ecosystem in a case study. Ecosystem formation is considered from the perspective of interdependencies, orchestration, and network structure; roles and phases are identified. The qualitative assessment of these features finds general consistency with the innovation ecosystem construct; however, differences were observed in the interdependencies between partners and the role of the orchestrator in the early stages of formation. Theories regarding the evolving role of the ecosystem orchestrator were not confirmed by the network position of the ecosystem leader; however, alliance building roles of entrepreneurs were confirmed. Network structure and the technological diversity of firms in the ecosystem was consistent with exploratory and exploitative theories regarding alliance formation and helped to explain the departure and entrance of firms in the emerging ecosystem.