This study aims to investigate how the process of ecosystem emergence occurs with the advent of 5G technology, focusing on the challenges and opportunities for Mobile Network Operators (MNOs) in the enterprise market. For this purpose, an exploratory and qualitative multiple-case study was conducted, involving key players in the Italian 5G industry. The research analyses the roles and interactions necessary for creating a 5G ecosystem, emphasising the importance of cooperation among numerous stakeholders due to the complexity and specificity of 5G applications. The results indicate that 5G can be defined as an Enabling Technology (ET), However, it is still lacking the pervasiveness in terms of wide applicability associated with General-Purpose Technologies (GPTs). The successful development of a 5G ecosystem requires dual co-orchestrators: MNOs and intermediaries. MNOs alone are unable to properly manage the ecosystem due to the diverse and specific nature of 5G applications. Intermediaries by their side, provide essential technical and business expertise, supporting MNOs in creating value across various sectors. The study provides insights into the evolution of business models for companies leveraging 5G technology. It emphasises the need for strategic collaboration among stakeholders to maximise the potential of 5G, offering guidance for businesses on how to adapt and thrive in this emerging ecosystem. The originality of this study lies in its integration of two literature streams, the ecosystem one and the enabling technologies one. This research contributes to both literature streams by highlighting the co-orchestration model necessary for 5G. It underscores the challenges and characteristics of orchestrating an ecosystem driven by enabling technology, offering valuable perspectives for both academia and industry practitioners.