Innovation ecosystems have been increasingly studied in the past few years. Previous research focused on the orchestration of innovation ecosystems and the diverse activities needed to maintain an ecosystem over time. However, few scholars studied the capabilities required to carry out orchestration activities. Drawing on the dynamic capabilities framework, we seek to understand how dynamic capabilities support orchestration activities in innovation ecosystems. Our single case study of an innovation ecosystem in the Medtech industry reveals that orchestration activities can be shared among several ecosystem actors and can be associated with sensing, seizing, and reconfiguring dynamic capabilities. By doing so, we contribute to the literature on innovation ecosystem orchestration. Our findings also point out the importance of historical and subjective time when studying dynamic phenomena. This complements recent research that views collective memory and history as valuable dynamic capabilities. We conclude by suggesting a rethinking of the dynamic capabilities framework to embrace the dynamic and heterogeneous nature of innovation ecosystems.