The Impact of the Industrial Innovation Ecosystem on Innovation Performance—Using the Equipment Manufacturing Industry as an Example

The innovation ecosystem can greatly enhance enterprises’ innovation performance. However, little is known about how the industrial innovation ecosystem (IIE) improves innovation ability within the equipment manufacturing industry (EMI). The fsQCA method is utilized in this study to explore the intricate causality behind innovation performance. The conclusions are as follows: (1) There are six factors for high innovation performance, including the technological innovation subject, the knowledge innovation subject, research and development (R&D) investment, R&D personnel, the industrial internet platform, and government subsidies. None of these is a standalone prerequisite for high innovation performance. (2) Four configuration paths achieve remarkable performance. Three configuration paths achieve inefficient performance, and these have an asymmetric relationship with the above four paths. (3) Under the premise that a technological innovation network is perfect, R&D investment and industrial internet platforms both play a crucial role in innovation performance. Meanwhile, neglect in the application of industrial internet platforms and a lack of innovative subjects are important factors for low innovation performance. This study enriches the theoretical applications for innovation management within the EMI from an IIE perspective. It provides practical and management reference to promote innovative ability and enhance the manufacturing performance for China and other developing countries.