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Smart farming increasingly operates through interconnected socio-technical ecosystems rather than through isolated technologies deployed at farm level. These ecosystems involve farmers, advisors, technology and platform providers, data intermediaries, equipment and input suppliers, cooperatives, public institutions, research and extension organizations, and agri-food supply-chain actors. This article develops a conceptual ecosystem model for examining how these stakeholders contribute to data-driven agricultural innovation and how value may be created, captured, and distributed through their interactions. The model-building approach integrates stakeholder roles, multidirectional data and knowledge flows, analytics and advisory services, platform coordination, institutional support, co-production, and co-innovation. It distinguishes farmer value, platform value, supply-chain value, public value, knowledge value, and sustainability value while treating value capture and distribution as separate analytical questions. Governance dimensions include data access, control, sharing, interoperability, portability, stewardship, transparency, accountability, trust, participation, digital inclusion, dependency, and power imbalance. The principal contribution is a structured framework that connects innovation processes with governance and distributional boundaries rather than assuming that technological deployment automatically produces shared value or farmer benefit. The model is intended to support conceptual analysis, stakeholder dialogue, and future empirical research. It does not establish the effectiveness, fairness, policy suitability, commercial viability, or implementation readiness of any particular smart farming ecosystem.