The paper analyses value co-creation and social innovation focusing on a new approach to the management of Natura 2000 areas: the Networks of Reserves (NoRs). NoRs have been set up in Trentino (an Italian alpine area) to create an ecological network within the territory, with a particular focus on the socio-economic dimensions of nature conservation and with a bottom-up approach. The research investigates the role of NoRs by using a quali-quantitative approach to analyse the attitudes and awareness of private stakeholders, public actors and local communities. In-depth interviews with NoRs coordinators and key players in tourism organizations were carried out. 167 online questionnaires were sent out to local stakeholders. The research investigates community participation and stakeholder engagement in NoRs’ projects and activities, whether and how socio-economic development has occurred, and whether and how innovative sustainable tourism offers have been created. It confirms the role of NoRs in relation to the conservation and valorisation of natural resources through the stimulation of activities such as environmental interpretation and education. The research demonstrates the effectiveness of bottom-up processes for the co-creation of sustainable tourism offers and the fostering of social innovation. NoRs have proved to be successful in overcoming the major impediments to the functioning of the Natura 2000 network highlighted in the literature.