Creating and Managing an Innovation Ecosystem

Abstract

Research reveals that Innovation ecosystem model successfully focuses on value creation for customers and other stakeholders in the ecosystem. The elements in the ecosystem adapt to the environmental changes and reconfigure based on the knowledge base created. The use of ICT platforms has added critical value and novelties for today’s innovation ecosystem. Innovation ecosystem leads to knowledge creation and dissemination. This also involves human capital development and opportunity recognition. The co-incubation model of Higher Educational Institutes (HEIs) with industries plays an important role for fostering entrepreneurship through ideation- incubation –enterprise creation bringing the benefits to all levels of the society. HEIs and industry collaboration generated an Education-Enterprise (E-E) model. IIT Kharagpur utilized the E-E model to support grass root level entrepreneurs for enterprise creation. This leads to the evolution of EE model. IIT Kharagpur focuses on creation of business solutions through local entrepreneurs through global collaboration in the education, environment, energy, and health domain. Innovation ecosystem creation and management face great challenge due to the complexities in growing economy. This chapter represents live cases dealing with challenges of creation and managing of innovation ecosystem.