Ecotourism is emerging as an alternative development path that can enhance environmental conservation, promote participation and collaboration of various stakeholders towards achieving sustainable livelihoods along the Lake Victoria beaches as fishing and fish by-products can no longer meet the current livelihood needs. The aim of this paper was to establish the way forward on how different stakeholders would participate and collaborate towards ecotourism product development process. Exploratory research design was used to guide the study in realizing its objectives. A Triple Helix framework (academia, community members, private sector and county government) was adopted in attaining full participation of all the stakeholders. Data collection techniques included Focus Group Discussion (FGD, oral interviews and observations. The data was analyzed using thematic analysis based on the study objectives. The study findings pointed out that Dunga and Miyandhe beaches have greater potential for ecotourism although they are facing several challenges (poor infrastructure, inadequate community members’ involvement, insecurity among others), a situation that can be changed through creation of participatory and collaborative approaches. There was evidence of ecotourism products (fish, birds, Hippos, board walk, historical sites, dances and trades); and stakeholders (fisher folk, Beach Management Units (BMUs), the hotel industry, local community members, national and county governments, and Non-state organizations–Kenya Ports Authority, and Kenya Maritime Authority (KMA) indicating the potential for realizing the goals of this exercise. The FGDs were eye openers and there is need to build a network system between the stakeholders, unite resources with the goal of promoting ecotourism management within Dunga and Miyandhe beaches and their environs. When stakeholders from Dunga and Miyandhe sites came together, their opinions on the benefits of ecotourism were realized. The outcomes included habitat destruction, unemployment and job creation, insecurity and security, drug and alcohol abuse, awareness and knowledge enhancement on how best to protect and conserve the lake resources. The recommendations for future ecotourism development of the beaches were to improve road infrastructure; construction of site facilities; improvement of information centers; establishment of standard hotels, making of standard tour boats and rescue boats; improvement on health facilities; employing trained divers; improvement of beach environment, and the need to establish networks, collaborations, partnerships and sharing of ideas.