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Cultivating the Innovation EcoSystem

Cultivating the Innovation EcoSystem

An Innovation Ecosystem is a set of conditions that enable the exploration, maturation and scaling of new ideas and solutions bringing immense fame and fortune for the founders by providing the direct and indirect benefits to the community they serve. It comprises of two distinct, but largely separated economies such as the research economy driven by fundamental research and the commercial economy driven by the marketplace. The presentation discusses the differences between Biological Ecosystem and Innovation Ecosystem emphasizing on the needs of building the Innovation Ecosystem. It also gives an insight into the features of innovation ecosystem besides discussing the need to balance the equilibrium between economies. Other highlights of the presentation are the Virtuous Cycle of Innovation Ecosystem, Innovation Spectrum and ways to nurture the Innovation Ecosystem.

While most organizations and firms understand that innovation happens across a variety of entities, including industry, academia, and even governmental organizations, very few firms currently seek to understand their specific innovation ecosystems and have strategies in place to cultivate these systems.   Through direct contact with the government, academia, and industry, the team at New Asia Innovation has discovered that the cultivation of this ecosystem can rapidly develop a firm’s ability to drive innovation to market.   Understanding the ecosystem and the needs, intentions, and capabilities that exist outside the firm but inside the ecosystem can dramatically alter a firm’s interpretation of the skills and capabilities needed to deliver business results in the near and medium term.

This report introduces the concept of the innovation ecosystem and how various actors in that system contribute the overall system health and capability.   The actors and skills in your specific system may vary, but the concept and controlling principles will likely remain the same.   As we have some experience using this model to help firm further refine their innovation capability development plans, please feel free to contact us with questions or share your experiences here on a post. …Read more