Innovation Ecosystem

Presentation By:- Tatini Mohanty

Abhishek Arun Dash

(Interns Innovation Cell,

Planning and Coordination )

InnovationInnovation is the application of better solutions that meet new requirements, in-articulated needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society.

Road map for implementation :-

Innovations require only three things: a. A recognized need, b. Competent people with relevant technology, and c. Financial support. This may cause to believe that innovation is confined to large institutions , government organizations, and huge R n D facilities. But innovation fosters in areas where need to surpasses everything else.

Invention Innovation Diffusion

O Few examples of such Innovations in India are :-

Appachan’s Tree Climber Boat Clinics for inaccessible areas in Malkangiri Districts

Sheikh Jahangir's scooter Grinder Remya Jose washing machine

EcosystemAn ecosystem is a community of living organisms (plants, animals and microbes) in conjunction with the non-living components of their environment (things like air, water and mineral soil), interacting as a system. These biotic and abiotic components are regarded as linked together through nutrient cycles and energy flows. As ecosystems are defined by the network of interactions among organisms, and between organisms and their environment, they can be of any size but usually encompass specific, limited spaces.

Other EcosystemsThe concept of Ecosystem is not only limited to natural environment. The following type of ecosystem can also be found which helps the human society to flourish in a better manner.

Service Ecosystem Manufacturing Ecosystem

Innovation EcosystemInnovation ecosystem is the term used to describe the large and diverse array of participants and resources that contribute to and are necessary for on-going innovation in a modern economy.  This included entrepreneurs, investors, researchers, university faculty, venture capitalists as well as business development and other technical service providers such as accountants, designers, contract manufacturers and providers of skills training and professional development.

CompositionThe innovation ecosystem comprises two distinct, but largely separated economies:-a. The knowledge economy, which is driven by fundamental researchb. The commercial economy, which is driven by the marketplace There is a cyclic process which interlinks these two and can be represented by :-

Importance Of Innovation EcosystemImportance of Innovation in the society :-

Economic Growth• Innovation is the route to economic growth. Industries are maturing. Products are maturing. Innovation is the creation and transformation of new knowledge into new products, processes, or services that meet market needs.Progression of human well-being• Well-being is understood as a state of health, happiness and/or prosperity. In a broad understanding, well-being is living a good life with which one is satisfied.

• The changing needs of the society requires innovation at every step to move ahead.Competitive advantage• Companies that use and act on their insights get a jump on the competition. They become the market leaders.

• In the modern electronics era the competition is swift and those companies which are late to respond perish.

Importance Of Innovation EcosystemLooking beyond cost cutting• Cost cutting is adopted by many companies to increase their profits. But in the fast changing economy , cost cutting helps companies to be sustainable only in the present.

• In order to move forward they need to undertake the path of innovation.Higher business revenues• With costs reaching bottom and few opportunities to reduce them further, companies can turn to increasing sales.

• Marketing innovations come to mind here and do well to sell more of what you have to sell. But new products and services bring in new revenues too. Innovation sells..Improve disappointing performance

• Revolutionary innovation has been contrasted with less dramatic advancements.

• Incremental improvement can turn products over and get more, newer models out. This may all sound dull, but the achievements can be exhilarating.

Importance Of Innovation Ecosystem

Better returns• Innovations themselves not only break the mould (i.e., are truly novel, different, never done before), but also yield far better returns than ordinary business ventures.

Take advantage of opportunity• It is no surprise that surprises, often disappointing surprises, are the seeds of innovation.

• The example of 3-M’s post it note is well known.

More constant flow of innovation• Innovation creates a pathway for new innovations to take place. A innovations in present state may not be implemented in their as-is form, but help growth of newer product or services which are of much importance to the society.

Importance Of Innovation Ecosystem

Survival• To survive and sustain in the ever increasing competitive world we need to innovate continuously.

As innovation is indispensable , we need to develop Innovation Ecosystemswhich would foster a climate of innovations. Each members of the ecosystem can work in synergy to help mankind move ahead technologically, socially and economically

Key area of Government Innovation

Promoting Innovation Ecosystem

Strengthening Key Actors

Building Cooperation between Actors

Creating Framework to support Innovation Ecosystem

Innovation In Odisha

Conclusion