Innovation Ecosystem in Hydrocarbon-Based Economies: Opportunities and Challenges

Abstract

Innovation is rapidly growing and affecting various industries, including hydrocarbon processing. This study aims to conduct a comprehensive and organized review of the literature on innovation ecosystems and their performance. It will examine existing definitions of innovation ecosystems and related concepts and identify metrics and indicators for measuring innovation and entrepreneurial ecosystems. The term "innovation ecosystem" has gained considerable attention from scholars and practitioners over the past fifteen years. Despite the proliferation of research in this area, there are concerns about its fragmented knowledge base. While previous reviews have highlighted the theoretical connections between innovation ecosystems and related concepts, there is still a need for a more comprehensive understanding of the current state of innovation ecosystem research. The study used a systematic literature review approach that combines bibliographic coupling and content analysis methods, drawing on over 100 studies to identify five streams of current innovation ecosystem research: technology innovation, platform innovation ecosystems, regional development, innovation ecosystem conceptualization and theorization, and entrepreneurship and innovation. The study's contribution lies in decoding the intellectual structure of current innovation ecosystem research and providing targeted recommendations for future research.