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This paper explores how swarm intelligence, as a dynamic capability, drives innovation ecosystems. Building on the work of Teece and the literature on collective intelligence, it introduces swarm intelligence - a form of unconscious, decentralized coordination observed in nature - as a lens to understand collaboration among human actors. Using the healthcare innovation ecosystem NextMed in Strasbourg as a case study, the paper applies a qualitative approach to examine how swarm intelligence manifests in human interactions. Findings reveal that such intelligence exists beyond biological contexts and translates into various capabilities that support ecosystem evolution. This study also highlights the critical role of catalyzers in sustaining ecosystem dynamics. Ultimately, the research suggests that swarm intelligence offers an alternative to traditional, linear, and centralized models of innovation, encouraging a shift towards more organic, adaptive, and distributed approaches.