It is not enough to have a great idea. Even the best technology, strong market opportunities and great founders can fail a start-up. Innovation can also be costly for established organisations, which may struggle to convert ideas into execution and results.
Most of the time, what is missing is the innovation ecosystem. An innovation ecosystem is not just a start-up, a university precinct or a venture-capital fund. It is a network of researchers, entrepreneurs, businesses, investors, government, service providers, mentors and users. Each holds an asset the others may not: knowledge, capital, infrastructure, market access, credibility, capability or practical insight.
Innovation needs connection.
Start-ups are key contributors to economic dynamism, breakthrough innovation and long-term growth. They need funding, talent, mentors, research, early customers, specialist advice and supportive policy. Academic start-ups often need incubators, accelerators, grants and stronger relationships with industry to commercialise research into a viable solution.
The best ecosystems provide more than networking opportunities. They foster a culture of exchange where people share knowledge, test ideas, learn from failure, seek partnerships and explore new avenues to market. This narrows the gap between concept and reality.
A healthy ecosystem brings together the right partners when they are ready for innovation, and the right innovation when it is ready for them: universities and research institutions to create knowledge; incubators and mentors to build capability; investors with patient capital; corporations with market access; government with an enabling environment; and communities that test whether an innovation solves a problem that matters.
Written by
Graciela Corral de Zubielqui
