While Industry 4.0 has introduced transformative advances in automation and efficiency, it often falls short in addressing the broader goals of sustainability, resilience, and human centricity. To address this gap, this paper develops a unified conceptual framework to explain the innovation dynamics of Industry 5.0 by integrating insights from research on platform ecosystems, the interplay between sustainability and resilience, the Sextuple Helix Model, and the emerging paradigm of Innovation 5.0. The proposed framework positions Industry 5.0 as a redefinition of innovation ecosystems-one that shifts focus from automation-led efficiency to inclusive, sustainable, and human-centric value creation. Core components include participatory AI, circular economy principles, and socially embedded ecosystems, which together can generate synergistic effects and enhance innovation potential. The framework also identifies key technological, organizational, and environmental enablers that support this transformation. Central to the model are AI-human collaboration, ecosystem integration, and dynamic adaptability, which emerge as critical drivers of innovation in the I50 context.