Innovation is said to be the key to future markets, business development and economic growth, yet the concept of innovation remains abstract and ambiguous. This paper suggests any value creation intentions need to recognise that innovation is a context-dependent process which is implicitly and fundamentally informed through the social agendas and consensus of those involved. To inform this social perspective of innovation value creation, we ask, how does the ‘sociology of innovation’ influence value creation? Using a ‘sociology of innovation’ standpoint, a qualitative study of participants in Australian bioindustry research and development (R&D) was undertaken to explore how the various socio-contextual frameworks and dominant outcome intentions were involved in value creation in the development of new biotechnological innovations. Through the two themes of context and community, we reveal how value creation was shaped by dynamic social processes involving multiple stakeholders and diverse perspectives of innovation. This research improves our understanding of how those involved in innovation development negotiate a complex social milieu of interpretive schemas to leverage various aspects of value creation. These findings present insights to managers and policy makers seeking to advance innovation value and advantages.