An innovation ecosystem can increase a company’s innovative efficiency and power, and establishes closer relationships and collaboration. An innovation ecosystem is a collaborative network connecting stakeholders, organizations, and users.
The innovation ecosystems will extend across the value chain to drive innovation with a targeted flow of information and ideas. It’s based on the principle of permeability, and suggests that separate units on the value chain hinder the development within innovation management.
Innovation ecosystems encourage every person within an organization to share ideas, and acknowledges everyone has skills and valuable knowledge.
Overcoming complexity and challenges is one of the key benefits of innovation ecosystems, and can change the perspective on relationships and contribution within an organization.
Innovation management involves suppliers, customers, and employees, as well as other stakeholders and information sources. By searching for the relevant people, skills and information, an innovation ecosystem can give attention to change and develop solutions efficiently.