Regional and less developed business ecosystems: Strategies and development prospects

Fotios Katimertzopoulos (), Charis Vlados and Theodore Koutroukis ()
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Fotios Katimertzopoulos: Democritus University of Thrace, Department of Economics, Postal: Department of Economics, University Campus, Komotini, 69100, Greece
Theodore Koutroukis: Democritus University of Thrace, Department of Economics, Postal: Department of Economics, University Campus, Komotini, 69100, Greece

No 20-2021, DUTH Research Papers in Economics from Democritus University of Thrace, Department of Economics

Abstract: James Moore coined the term business ecosystem, where businesses are considered as components of an ecosystem in which they collaborate, satisfying consumers and integrating innovation. A business ecosystem is an economic community supported by a structure of interacting organizations-businesses and individuals producing goods and services for consumers. The business strategy in a regional and local innovation ecosystem faces various challenges, such as a possible conflict with the great forces of the ecosystem and the creation of a healthy partnership for the development of new products-services. The business strategy developed in these ecosystems takes the form of new companies that use technological change to introduce new products or new business models through new competitive scenarios and the reciprocal relationships developed in this context. However, most businesses, especially in remote and underdeveloped regional and local business ecosystems, are facing many challenges; as such they require a different support framework for their innovation system. This system should work a way that it will enable organizations to develop their innovations based on their business partnerships, being able at the same time to balance their cognitive asymmetries. In the present research study, through the literature review of scientific research in the field of regional innovation systems and less developed business ecosystems, the central analytical dimensions and strategies (Stra.Tech. Man innovation theory) are identified and analyzed to determine how they could contribute to achieve effective business innovation and long-term stable growth and development.

Keywords: regional innovation system; business ecosystem; less developed business ecosystems; strategy innovation; Stra.Tech.Man innovation theory (search for similar items in EconPapers)
JEL-codes: M19 O30 P48 R19 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2021-11-10
New Economics Papers: this item is included in nep-ban, nep-cse, nep-sbm and nep-ure
Note: In Ntokas, I., & Hazakis, K. (Eds), Scientific Workshop of the Department of Economics: Volume of Scientific Contributions (pp. 61-76). Proceedings of the 4th Two-day Research Workshop of the Department of Economics, Democritus University of Thrace, 16-17 October, 2020. Athens: Papazisi Publications
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