An innovation ecosystem is an interconnected network of organizations, businesses, and other entities that share capabilities, knowledge, skills, or technologies to collaborate on developing new products and services. It comprises stakeholders such as technology providers, universities, research foundations and institutions, venture capitalists (VCs), business accelerators and incubators, government agencies, and public-private partnerships. (Innovolo)
The primary aim of an innovation ecosystem is to create a supportive environment for innovators to develop their ideas into commercially viable products or services with the help of resources like capital funding, mentoring networks, prototyping facilities etc. The concept of an innovation ecosystem has been around since 1993, when scientist Michael Moore first coined the phrase in his book “Crossing the Chasm”. (Innovolo)
