A lot of organizations and businesses all over the world are looking to part of innovation ecosystems. In fact, there are a lot of talks about creating innovation ecosystems and discussions on how to make them more efficient and effective.
Despite all these discussions, not all people understand the real concept behind these ecosystems.
So, what is an innovation ecosystem, and what makes it important?
An ecosystem is defined as a complex community of interacting organisms and their environment which is functioning as an ecological unit. An ‘innovation ecosystem’ is a term that is used to describe various stakeholders, players, and community members that are essential for innovation.
That said an innovation ecosystem is composed of government entities, universities, startup accelerators, corporations, capitalists, private investors, foundations, mentors, media, and entrepreneurs. Each one of these entities plays an important role in the creation of value in the larger ecosystem through the transformation of new ideas into reality.
Basically, every aspect of the innovation ecosystem should support each other so they are able to function together. Collaborations within the ecosystem occur in various ways including cross-promotion, events, and resource sharing. When everyone works together in this capacity, it demonstrates the power of collaboration, creating a community that supports each other’s missions, visions, goals, and values.
The Importance of Innovation Ecosystem
An innovation ecosystem will enable an active flow of information as well as resources that allow ideas to be transformed into reality. Integrated into these ecosystems is a building process where entrepreneurs and innovators can develop as well as deploy solutions that can help solve problems efficiently and rapidly.
Such a process will create expertise in new areas and it will help diversify the economy, allowing businesses to address their customers’ needs and meet their expectations. Moreover, an innovation ecosystem will help create economic stability as well as resource sharing.
Jobs and opportunities are also being created while new technologies are built, which can be applied across various industries. Everyone is busy participating in the ecosystem, successfully partnering with the right people, and turning investments into something that can impact the way we live, work, and play positively.
The value of this kind of ecosystem lies in resource access and the flow of information for both startups and stakeholders. This information will enable more investment opportunities for the right organization to be able to connect with the right ideas for their businesses at the right time.
Features that Make an Innovation System Better
So, what are the features that make an innovation system better? Here are some of the features that make a difference.
- Communication. It is important to have a transparent communication vehicle from one entity to another.
- Innovators. It is important to prepare innovators to become more skilled in the startup lifecycle as well as the funding process. This way, it can make investor engagements more meaningful and productive.
- Critical Technologies Identification. It is also vital to assist large corporations in the identification of critical technologies intended for partnering, piloting, projects, acquisitions, and investment. This will help them innovate faster.
- Finding the Best Companies. It is important to help find the best companies for a timely and efficient investment process.
- Highlight Innovation Wins. It is also essential to highlight innovation wins from corporations and startups through the media. This way, it will increase awareness within the ecosystem.
- Creating a Diversified Ecosystem. Lastly, it is vital to create an innovation ecosystem that can drive and diversify an economy. By doing so, companies can grow and develop.
Getting Started
Getting started is always a tough part of creating an innovation ecosystem. It takes up the courage to simply show up and eventually taking the lead. But, taking the step to start can be done and this is how you can do it.
- Assess, Assess, and Assess
The first thing that you need to do is to make a thorough assessment and audit the existing innovation in your area. You have to identify the new ideas and where these ideas are. Also, you should identify who are those people taking the lead and what industries are representing the ideas. Map out your current landscape so you will know where to start and identify the best approach to get started.
- Understand the Interest from both Private and Public Partners
Local and federal government units should play a part in developing the innovation ecosystem. Several factors are critical to growing and making the ecosystem sustainable. These factors include growth, electricity, transportation, and affordable housing. It is important to understand the private and public partners that provide these essential factors. It is important to help them realize how they can work together in the ecosystem to achieve their goals.
- Support Each Other
One of the best features of innovation ecosystems is that it is a supportive community and rarely a competitive one. It is important to support each other within the community and learn from the success and failures of each one. There is plenty of opportunities for everyone within the ecosystem.
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