Human-AI collaboration is likely to be more creative than artificial intelligence (AI) and humans alone. This interactive collaboration between humans and artificial intelligence can help enterprises in many ways, including higher output, better efficiency, and lower expenses, in addition to higher creativity. Moreover, this also has a huge potential for Industry 5.0 where organizational strategies shall be human focused rather than technologies. In this chapter, we explore the following (1) evolving role of human-AI collaboration and distinctive types of human-AI collaboration, (2) factors that influence the adoption of human-AI collaboration, (3) influence of human-AI collaboration for organizational innovation, and (4) human-AI collaboration for Innovation in Industry 5.0. This is likely to provide useful findings for the managers to understand how they can effectively build on this symbiotic relationship to create value for the organization. These findings enhance comprehension of the utilization, significance, and value generation of artificial humans for fostering innovation. These findings provide a more comprehensive understanding of how artificial humans are utilized and their importance in the context of Industry 5.0.