Success in business ecosystems that include well-established companies and new ventures requires collaboration and competition, a task that demands strategic thinking to leverage a firm's resources and capabilities. Strategic thinking and the entrepreneurial activities in an ecosystem influence one another in a cycle that perpetuates and even sparks innovation. These interactions vary significantly across four types of business ecosystems-Orchestra, Creative Bazaar, Jam Central, and MOD Station-and determine the success and failures of new ventures and established companies. The nature and effect of the dynamic interactions in a business ecosystem can have profound implications for organizational success.
- Business ecosystem
- Strategic thinking