Innovation Ecosystem for Sustainable Business Model Development: Practical Insights

Prof Dr Žaneta Stasiškienė,Jūratė Petkevičienė,Rūta Čiutienė,Evelina Meilienė

doi:10.5755/j01.erem.77.2.29056

Abstract

The capability to rapidly and successfully move into new business models is an important source of sustainable competitive advantage and a key leverage to improve the sustainability performance place-based innovations of organizations. However, the performed research suggests that many business model innovations fail. Despite the importance of the topic, the reasons for failure are relatively unexplored, and there is no comprehensive review of the successful sustainable business model innovation framework. This paper provides a review of drivers and barriers for sustainable business innovations in the context of ecosystem and its services.

Highlights

Both national innovation systems and regional development initiators seek to meet the requirements of an ever-changing global competitive environment
The newest research shows that innovation is usually driven by a system of factors that can be combined with the concept of ecosystem (Rauter, 2017)
The innovation ecosystem comprises a multilayer framework during which institutions interconnect to develop and share information and knowledge required for the innovation processes (Granstrand et al, 2020)

Summary

Introduction

Both national innovation systems and regional development initiators seek to meet the requirements of an ever-changing global competitive environment. 2021/77/2 changes and to effectively develop the system of creation and implementation of innovations, it is necessary to link these activities with the sustainable development of the ecosystem. Ecosystems can vary in size, including large clusters, cities and regional areas They usually have innovation centers, such as universities, research institutes and others, which carry out value creation, research and development and patenting activities (Ritala, 2018; Belz, 2017). Previous research has emphasized that the creation and development of business innovation requires a special ecosystem consisting of top universities, research institutions with sufficient funding, a skilled workforce, defined specialization, guaranteed cooperation with business and access to global networks (Ritala, 2018). The system of the factors that shape a sustainable innovation ecosystem will be discussed in the paper

Literature Review

Methodology

Results and Discussion