The purpose of this article is to frame innovation as a process of co-creation according to a practice-based view. The article focuses on the innovation practices that occurred within the web contexts of ten companies. In accordance with netnography research, data include preliminary studies of the web-based context, naturalistic observations of the community and the activities of its members, and direct interactions with the members of the innovating community. The work proposes the integration of innovation, practice and the emerging co-creation research. The paper develops the five “Co-s” model including: co-ideation, co-valuation, co-design, co-test and co-launch. Each “Co-“ represents a phase of the innovation process resulting from dynamic and on-going interactions among resources, actions, and a group of actors who are interrelated via a dense network. Within each “Co-“, the authors identify practices and elements of practices.