<![CDATA[This study examines how Village-Owned Enterprises (VOEs) in Berau Regency adapt and innovate to sustain tourism businesses amid local economic changes. Using a qualitative case study approach, data were collected through interviews, observations, and document analysis, with triangulation from four key informants: VOE management, village officials, Tourism Awareness Groups, and local business actors. Findings show that adaptation strategies include strengthening institutional governance, improving efficiency, enhancing human resources, and adjusting management practices. Innovation strategies involve diversifying tourism products, developing local attractions, using digital marketing, and empowering community participation. These efforts are supported by strong collaboration among VOEs, government, and local stakeholders, reflecting Collaborative Governance principles. The study also highlights the importance of Dynamic Capability Theory—sensing changes, seizing opportunities, and transforming capabilities—in building institutional resilience and business sustainability. A conceptual model integrating dynamic capabilities and collaborative governance is proposed as a strategy for sustainable local economic development.]]>
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