Innovation Ecosystems in Hydrocarbon-Based Economies: Opportunities and Challenges

Abstract

Innovation is rapidly growing and affecting various industries, including hydrocarbon processing. This study aims to conduct a comprehensive and organized review of the literature on innovation ecosystems and their performance within hydrocarbon-based economies. It will examine existing definitions of innovation ecosystems and related concepts and conduct an in-depth analysis of certain hydrocarbon-based economies and their Global Innovation Index (GII) development from 2011 to 2022. The term “innovation ecosystem” has gained considerable attention from scholars and practitioners over the past fifteen years. Despite the proliferation of research in this area, there are concerns about its fragmented knowledge base. While previous reviews have highlighted the theoretical connections between innovation ecosystems and related concepts, there is still a need for a more comprehensive understanding of the current state of innovation ecosystem research. This study used a systematic literature review approach that combines bibliographic coupling and content analysis methods, drawing on over 40 studies to identify five streams of current innovation ecosystem research: Technology innovation, platform innovation ecosystems, regional development, innovation ecosystem conceptualization and theorization, and entrepreneurship and innovation. This study’s contribution lies in highlighting the specific elements that contribute to the development of an innovative economy based on hydrocarbons.