Creating and Managing an Innovation Ecosystem

Introduction

The concept of knowledge, technology, and information diffusion among individual, enterprise and institutions in building the requisite synergy for value creation has widely been discussed in the realm of a “flat world” as described by Friedman (2005). Novel innovative concepts have systematically been transformed into processes which finally add value with the introduction of new products or services. The innovation eco-systems are defined at different levels of operations like national, regional, and local. Etzkowitz (2002) refers to the creation of regional innovation ecosystem as a prerequisite to the creation of knowledge and innovation space where ideas generated in a ‘Triple Helix’ of multiple reciprocal relationships among institutional sectors (academia-government-industries) work together to achieve societal goals.

Disruptive technologies initiate for a change. The quality improvement relying on disruptive technology seems to be inefficient due to its uncertainty and uncontrollability. The ecosystem really cannot wait for new technologies come in and change the horizon. This seems that a new model for innovation is in urgent need for a continuous flow of new products and services. Proper shape to innovation is given only when ideas are transformed into useful commercial and social products. The word “Innovation” originated from the Latin word innovatus. Innovatus is the noun form of innovare which means “to renew or change,” stemming from in-”into” + novus-”new”. Historically the word “Ecosystem” derived from the Greek word oikos, meaning “home” and systema or “system”. Ecosystem can be defined as an open system that constitutes all the living organisms and non-living components within that system. Within this system there exists a relationship between individual-individual and individual-non-living components. Within a certain time and area the flow of information, energy and material generated by innovation system can be defined as innovation ecosystem. Along with the flow of these innovative outcomes the system even contains innovation organism and environment. In a natural ecosystem living and non-living entities are dependent on each other. It is hard for the living organisms to avail the energy needed for their survival without non-living entities. Where as without living entities an ecosystem cannot be formed. Similarity can be found in the innovation ecosystem where innovation environment, innovation population and innovation management population together forms the innovation ecosystem.