The aim of this conceptual paper is to explore the business ecosystem concept in innovation policy context, and question whether it has something new to bring to the innovation policy field compared to previous theoretical discussions. A comparative study was conducted where three widely utilized policy approaches were examined together with the business ecosystem concept. The ecosystem concept differs from the three approaches, for example, in its evolving around innovation, and its self-organizing and self-renewing nature. This paper sets a conceptual basis for further empirical research concerning the innovation policy implications of the business ecosystem concept.