Modern innovation increasingly emerges not within individual firms but across (digital) business ecosystems, where multiple independent actors co-produce knowledge and value whilst competing over the distribution of innovation rents. This article argues that existing legal frameworks to protect and promote innovation, particularly intellectual property (IP) law and competition law, were designed for a more linear, standalone model of innovation and are poorly suited to the relational, ecosystem-embedded and cumulative nature of contemporary innovative activity. Drawing on innovation economics, business ecosystem theory, competition and IP law, the article advances three interconnected arguments. First, in regimes of 'shared' and 'open' innovation, IP rights should give rise not solely to exclusionary entitlements but also, in appropriate circumstances, to compensation rights calibrated to reflect the contributions of all ecosystem participants. Second, competition law and IP rights should be reconceived as institutional complements rather than antagonists, each reinforcing the conditions for sustained cumulative innovation. Third, and most innovatively, the article proposes the tokenization of IP and data access rights - including data tokens, IP rights tokens, and innovation rent tokens built on blockchain infrastructure - as a concrete legal technology for operationalizing this framework. Tokenization enables fractional ownership of innovation rents, reduces transaction costs in fragmented IP landscapes, facilitates collateralization by ecosystem participants, and converts exclusionary property rules into compensatory liability rules, thereby aligning legal entitlements with the distributed, cumulative reality of shared innovation. The article calls for a differentiated legal architecture that combines exclusivity and compensation according to ecosystem structure, actor position, and innovation stage.