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How to build a unified innovation ecosystem

How to build a unified innovation ecosystem

economictimes.indiatimes.com

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Key Factors :

What makes or breaks an innovation ecosystem that builds sustainable businesses and stimulates economic growth?

Here are the key factors that aid in shaping a unified innovation ecosystem:

Financing an innovation ecosystem is critical to creating innovative products and services.

Entrepreneurs can build sustainable businesses only if they have adequate access to funding and financing options. Some flourishing ecosystems—more than the others—have brought fund...

The cornerstone of an innovation ecosystem is the connection and collaboration fostered among key stakeholders.

  • Competitive advantage can only be achieved if a culture of collaboration and interdependence is encouraged to support innovation.

Also, only thr...

The entrepreneurial spirit of ecosystems can only be sustained if stakeholders provide adequate infrastructural support for startups.

Ecosystem builders should focus on creating an innovation capability that promotes policy initiatives to foster a startup culture. Entrepre...

The development of an ecosystem also depends on the role the media plays in supporting entrepreneurs.

The mainstream media has the responsibility to cover the local and national innovation ecosystems in their reports, to shape the public perception of entrepreneurship.

The best innovation ecosystems protect the Intellectual Property Rights (IPR) of entrepreneurs and innovators and focus on building partnerships with the desired stakeholders.

Silicon Valley is a fine example of how a mature innovation ecosystem h...

If ecosystems aspire to attract more investments into their region, they must nurture a varied talent pool to drive productivity and competitive advantage.

They should seek talent both from within the geography they operate in and from outside regions, too.

In an in...

For startup ecosystems to punch above their weight and seize new opportunities of growth, they need to overcome major barriers that pose an impediment to innovation.

Finally, an ecosystem’s innovation strategy should not be inward looking and layered in complexity.

...

An inclusive and thriving innovation ecosystem should embrace a global worldview to innovate at scale and speed.

In the author's view, only when leaders are proactive and start seeing value in building such a cohesive ecosystem, will innovation-driven entrepreneurship flou...

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