An Innovation Ecosystem is a network of often otherwise disparate organisations, both large and small, that are working towards a common innovation objective.
It is effectively an economic and technology collaboration that links like-minded organisations that include:
- Start-Ups; and
All businesses and government agencies should be seeking to introduce and drive an innovation culture across their organisation. Running a truly innovative company means constantly improving your innovation culture and process. Running a successful innovation ecosystem, however, demands makes people outside the company measurably smarter, richer, and more innovative.
Leaders of truly innovative and disruptive organisations such as Jeff Bezos, Larry Page, and Satya Nadella similarly grasp the strategic, operational, and cultural distinction that innovation ecosystems bring to their business. They are leaders who are publicly committed to creating better ecosystems, not just better products.
While successful innovators reap profits from new products and services, successful innovation ecosystems cultivate profitability by encouraging others to create valuable new and complementary offerings. Their financial futures depend on how innovative they make their customers, clients, channels, and partners. Truly effective ecosystems manage to turn outsiders into de facto collaborators.
Enabling external innovation becomes as important as improving one’s own. In fact, successful innovation ecosystems create virtuous cycles of external creativity, which drives internal adaptation. In turn, internal innovation enables and inspires external investment.
Galbraith & Co. are specialists in scouting, identifying, connecting, building, and managing often complex international innovation ecosystems across disciplines that include:
- Life Sciences;
- Materials; and
- Information & Communication Technology.