Abstract
Innovation matters. Business success increasingly depends upon sustainable innovation. Observing recent innovation best practices, the emergence of a new paradigm is traceable. Creating an innovative ecosystem has a multilayer effect: It contributes to regional digitalization, technological start-up emergence, open innovation promotion, and new policy enhancement retro-feeding the system. Public policy must create open innovation environments accordingly with the quintuple helix harmonizing the ecosystem to internalize emerging spillovers. The public sector should enhance the process, providing accurate legal framework, procurement of innovation, and shared risks in R&D. Opening the locks that confine the trunks of community, academic, industry, and government innovation will harness each dimension exploiting collective and collaborative potential of individuals towards a brighter sustainable future. In this sense, the aim of this study is to present how open innovation can enhance sustainable innovation ecosystems and boost the digital transition. For that, firstly, a diachronic perspective of the sustainable innovation ecosystem is traced, its connection to open innovation, and identification of the university linkages. Secondly, database exploration and econometric estimations are performed. Then, we will ascertain how far open innovation frameworks and in particular the knowledge flows unveiled by the university promote smart and responsible innovation cycles. Lastly, we will propose a policy package towards green governance, empowering the university in governance distributed ecosystem, embedded in the community, self-sustained with shared gains, and a meaningful sense of identity.
Highlights
Challenges faced worldwide are too large to tackle in isolation; the creation of new shared value through innovation is urgent
Sustainable growth, and development, relying on innovation, will overflow the economic and social sphere as under the collaborative paradigm firms will move from the maximization of short-term financial performance to long-term economic and social responsibility [2]
To present standards, assessing innovative performance based on patent count or R&D expenditures seems to be insufficient; co-creation emerging from knowledge network connections seems to be more robust, based upon the interactive contact between universities providing cutting edge knowledge and competitive firms [3]
Summary
Challenges faced worldwide are too large to tackle in isolation; the creation of new shared value through innovation is urgent. Convergent globalized features likewise digital transformation, universal interaction, and sustainability provided momentum to exponential growth in innovation led shared value. Approaching the new innovation paradigms requires integrated collaboration, co-creation, value sharing, hosting ecosystems, and fast adoption; joint research will speed up the process and raise the standards of the outcomes. Sustainable growth, and development, relying on innovation, will overflow the economic and social sphere as under the collaborative paradigm firms will move from the maximization of short-term financial performance to long-term economic and social responsibility [2]. To present standards, assessing innovative performance based on patent count or R&D expenditures seems to be insufficient; co-creation emerging from knowledge network connections seems to be more robust, based upon the interactive contact between universities providing cutting edge knowledge and competitive firms [3]. The ecosystem approach emphasizes the position and roles of local and public actors in developing innovative activities, and the public policy challenge is to provide the means and instruments to transform traditional environments in innovative milieu [4]
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