This article aims to understand the possible preconditions for the transformation of a regional innovation system (RIS) into a quadruple and quintuple helix system applied to the development of a sustainable forestry-based bioeconomy in Värmland, Sweden. Research points to the necessity not only of further developing current innovation systems to include more actors than earlier but also of taking concern for the environment as a way towards attaining sustainability. The research was carried out in response to the need to understand he fourth helix and its role in RIS and to transform to a sustainable bioeconomy, as identified by researchers, policymakers and industry representatives. This study was inspired by participatory transdisciplinarity and a transdisciplinary research design, acknowledging the importance of a variety of actors in knowledge production from different spheres of society. Much of the empirical material gathered for this research was based on interviews and a workshop with different stakeholders. The results show that the use of a quintuple helix RIS in Värmland for the transformation to a forestry-based bioeconomy could be a possible way forward towards sustainability. The model proposes that involvement of civil society in the innovation system could contribute to a larger societal transformation that aims to change consumer behaviour, production patterns, technological developments, infrastructure, norms and values. However, the involvement of civil society in the innovation system must still be regarded as part of a vision statement in regional policy documents.