From innovation to econovation : a study of new paradigm towards market oriented innovation system

Abstract

It is said that the development of new technologies and products is the most critical component in innovation; however, the recent paradigm is changing concerned the market and, more broadly, business ecosystems. Therefore, it is difficult to define what newness is and how to achieve it. Therefore, the traditional innovation taxonomy is unrealistic to explain new models in the market. I try pattern new innovation types, including a new innovation model using a platform and business ecosystem model. Many areas where new ecosystems can be generated through platform improvement, adjustment, and fusion are emerging, and I also verified that it is more efficient to pioneer a new ecosystem rather than to develop a new product or a new platform. It was verified that quickly releasing improved products in a new market would be more effective when seeking to reduce costs and respond to governmental regulations. Moreover, I found it was most effective to venture into a new market when the goal is to more effectively reduce costs and respond to governmental regulations. This fact will provide some critical points when developing a modern innovation theory.