If Silicon Valley were choosing a name today, it would probably choose the "Innovation Region." This ever-changing place has moved well beyond silicon to become a prototype network economy that creates wealth by linking new ideas with people, capital and enterprises across a wide range of industry clusters. How does the Valley continue to keep pace with changing technology and what is its next step? Since World War II, the Valley has transitioned from defense, semiconductors, computers, and the internet in a series of Schumpterian waves of technology. Today, Silicon Valley is going through another transition as its pushes the frontier of innovation toward a knowledge economy. Throughout these innovation cycles, a powerful set of innovation networks have formed based on tight relationship among entrepreneurs, venture capitalists, university researchers, marketing professionals, accountants, lawyers and other support. One social innovation that has been taken to help connect the Valley's resources and help with the transition to a new economy is Joint Venture: Silicon Valley Network. Created in 1992 in response to the economic slowdown resulting from the end of the Cold War and competitive pressures on both the semiconductor and computer industries, Joint Venture has joined business, government and community leaders in a unprecedented regional network that promotes innovative solutions to the region's economic and community issues such as preparing the workforce for the new economy and creating innovative strategies for quality growth. This paper will describe the evolution of Silicon Valley across several waves of innovation and explain the key factors driving change today in the Valley. The focus will be on the creation of innovation networks that help the Valley make these transitions. As technology products and services become commodities over time, the Valley has continued to search for higher value activities moving from components to systems to software to the internet. Along the way, the productivity of the Valley's firms continues to increase as it innovates to the next level. The foundation for this innovation process are the rich innovation networks that connect and reconnect the Valley's human, technology and capital assets in new ways. The role of Joint Venture in helping the Valley make the transition into the new economy will be highlighted as a social innovation as important as the Valley's economic innovation. In fact, the networked economy needs a more connected community to prosper and Joint Venture has helped to create a more connected community through its collaborative initiatives. The paper is based on five years of research by Collaborative Economics for Joint Venture: Silicon Valley Network, an alliance of business, government and community leaders. This includes five annual indicator reports on Silicon Valley as well as Silicon Valley 2010, a vision report prepared in 1998.