Innovation Ecosystems are transforming the way organizations are creating value within an innovative landscape. Although Innovation Ecosystems are heavily supported by Information Systems (IS), there is currently a lack of research on how IS capabilities facilitate the development of these ecosystems. The lack of knowledge in this domain may account for uncertainties faced by organizations in pursuing breakthrough innovations. To address this gap, we conducted a pilot case study of the Hallyu phenomenon, a term describing Korean entertainment products that are globally popular, to derive a process model of Innovation Ecosystem development from an IS capabilities perspective. Our findings suggest that the development of Innovation Ecosystems can involve three successive phases: Developing the means of generating content, laying ground rules, and establishing an in-group mentality. Moreover, each phase is aligned with different values rooted in the philosophy of Korean business management, which is facilitated by different types of IS capabilities.