This study delves into sustainable business model innovation within Innovation Laboratories (InnoLabs), focusing on the creation of multidimensional value as a dynamic process, continuously redefined and negotiated with stakeholders. Addressing the varied perception of value and the absence of practical tools for tackling contemporary global challenges, we propose a methodology to facilitate sustainable value creation in InnoLabs. Through exploratory research comprising four stages—including a literature review and the development of a conceptual framework—this work introduces a value creation methodology tool. Tested in workshops with InnoLabs’ stakeholder partners, the tool aims to identify value propositions for different stakeholders, enhancing the management and sustainable outcomes of these innovation hubs. This approach highlights the necessity of adaptive business models and strategic management practices in fostering organizational sustainability.