You have probably already heard about the word Ecosystems. Although it’s mostly used in the context of nature, you can find them everywhere. From business ecosystems to creative ones, from a entrepreneurial tech ecosystem, over urban smart city ecosystems to the gigantic open innovation ecosystem.
But what exactly is an ecosystem? What are the differences and more important what are the similarities between them? And how can your company benefit from being part and contributing to an ecosystem and how can you tap into the resources made available in a vibrant ecosystem? In this and other posts we’ll try to explain you everything you need to know.
Business ecosystems: definition
The expression is derived from nature, where an ecosystem refers to various species thrive by relating in a dynamic and self-adjusting manner. With businesses it is basically the same thing.
A business ecosystem brings together mutually supportive firms grouped around a particular business, technology or shared ambition to make differentiated offerings and capture value they could not attain alone.
Generally, a business ecosystem is defined as a dynamic and co-evolving community of diverse participants who create and use new value via both cooperation and competition.
These networks are made up of customers, market intermediaries, companies selling complementary products, suppliers and of course the company itself. Similar concepts are clusters, federations, associations and value networks.
Why does it matter?
The capacity of an ecosystem to create and serve markets is beyond that of any one firm or any single traditional industry. Its diversity and collective capability to jointly learn, adapt and innovate are important determinants of its long-term success. Greatly enhanced through interaction across specialized resources and capabilities, ecosystems develop and co-create new solutions to societal challenges and human needs and desires.
Ecosystems thrive on competition, which is highly motivational and is a perfect conductor for innovation. On the other hand, are actors also incentivized by shared values, goals and interests. The need to meet customer demands faster and better provide a perfect base for collaboration and mutual investments in the longer-term from which everyone gain benefit.
This combination of these two stimulating factors, also known as coopetition, will ultimately lead to more and faster innovations.
Other benefits of business ecosystems or clusters include a better access to employees and suppliers, specialized information and institutions and public goods.
Do you want more information on coopetition? How it affects your ecosystem and vice versa? Be sure to take a look at this blogpost!
How can Datascouts help?
When you see these benefits, you want to better understand the ecosystem you are part of and the value network of your company.
That’s where we can help you. Datascouts provides a platform in which you can create a business ecosystem map, monitor your value network and be aware of what happens in your ecosystem, the trends in your sector and the achievements of peers.
The DataScouts platform combines public data, own private data and extra content which is relevant to the specific use case. Without any problem you can visualize tons of information in no time.
Go to our website and create your own ecosystem today!
Or have a look at one of our our existing public ecosystems.