Essay Example on Innovation Ecosystem: Unleashing the Power of Collaboration

Introduction

The innovation ecosystem is a technology that brings together different actors who together incorporate their different skills to create a better developing outcome. The actors include The government, the private sector and the civil service. The effectiveness of one part of the ecosystem is fully dependent on other actors. Technology helps in stabilizing the economy through the sharing of resources (Ritala& Almpanopoulou, 2017). Different actors are forced to join the ecosystem because they are eventually able to benefit from it (Taherdoost. H, 2019).

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Problems addressed by the technology

On the other hand, technology has handled the issue of inadequate resources and the falling of economies. Supply of resources is scarce therefore through the sharing of resources; the technology has made it possible for different actors in the ecosystem to get resources that they can use in developing outcomes. Currently, the process has been eased by the provision and availability of these resources that are required for the different day to day activities. We have been able to advance and acquire up-to-date internet connection such as the 4G which has hastened the development of new technologies and systems that are updated(Marone. L, 2019).

The current state of business and consumer adoption to the technology

Consequentially, the state of business is quite impressing as different mechanisms have been able to be created to solve the current solution hence the saying "Modern problems require modern solutions". Since the operation of the different actors in the ecosystem affects the rest, therefore using new technology by one actor will cause a change in the technology of other actors. Two heads are better than one perfectly fits this situation because by different parties joining hands, this helps people to improve their reasoning and the final product can reach the customer a worthy product. These also ease the production process because by the time resources are assigned to an actor then it has been revised and improved therefore saves one the time used to correct a resource to suit their needs(Banda, Tait& Mittra, 2018).

Consequently, the consumers are changing with times; they grow as the technology grows. They have been able to embrace the new technology and helped in its growth. Due to interaction with the technology, they have been able to notice its weakness and helped greatly in improving its operation by correcting the mistakes. The other reason that has made consumers embrace the technology is that they are eventually part of the ecosystem and part of the actors, therefore, embracing it has helped them ease their life given that they get what they want directly from it.

Challenges and barriers to adoption of the technology and how the challenges are addressed

Nevertheless, every technology is capital-oriented and this is no exception. Some countries have not been able to fully embrace the technology due to lack of funds to establish the technology. Third world countries are yet to fully operate the technology because a lot of funds are used to recurrent expenditure (Batubara, Ubacht& Janssen, 2018). Corruption has also caused a great delay in the implementation of this technology because of a lot of government funds in third world countries (Gardiner. J, 2017). Epidemics such as the current COVID-19 are preventing the utilization of this system as resources are used to help individual citizens and most of the funds used to control the spread of disease and finding the cure using the shortest time possible (Ophir. Y, 2019).

However, the challenges can be overcome by individual governments coming up with mechanisms that can help them save enough capital to establish the technology. Countries affected by corruption should ensure that they elect honest and transparent leaders who will put the citizens' interests at heart and use the funds correctly to help establish the technology. Funds should be stored for emergencies such that the occurrence of these disasters doesn't affect the economy since in the case of such an emergency, the stored money is used as other funds are used to continue with the normal activities (Jung& Roh, 2017).

Social benefits and risks associated with the technology

Lastly, an innovative ecosystem brings with it a lot of economic benefits such as economic stability. Employment opportunities can be created therefore giving every individual a chance to earn an income and improve their standards of living. Improved living standards will help reduce the level of crime, boost sectors such as tourism which is caused by peace created by the stability of the economy(Chopik.W, 2016). With better living standards, the population can grow as people give birth to children. An increase in population will help improve the technology as new minds will be brought forward. The major challenge is that a mistake created by one actor majorly affects the output of the whole ecosystem as different actors share the resources therefore destroying a resource causes stagnation to other actors.

References

Ritala, P., & Almpanopoulou, A. (2017). In defense of 'eco'in innovation ecosystem. Technovation, 60, 39-42.

Banda, G., Tait, J., & Mittra, J. (2018). Evolution of business models in regenerative medicine: effects of a disruptive innovation on the innovation ecosystem. Clinical therapeutics, 40(7), 1084-1094.

Batubara, F. R., Ubacht, J., & Janssen, M. (2018, May). Challenges of blockchain technology adoption for e-government: a systematic literature review. In Proceedings of the 19th Annual International Conference on Digital Government Research: Governance in the Data Age (pp. 1-9).

Jung, K. Y., & Roh, M. S. (2017). A study for an appropriate risk management of new technology deployment in Nuclear Power Plants. Annals of Nuclear Energy, 99, 157-164.

Chopik, W. J. (2016). The benefits of social technology use among older adults are mediated by reduced loneliness. Cyberpsychology, Behavior, and Social Networking, 19(9), 551-556.

Gardiner, J. (2017). Defining corruption. In Political Corruption (pp. 25-40). Routledge.

Marone, L. (2019). On the kind of problems tackled by science, technology, and professions. Building foundations of science policy. Metascience, 1.

Taherdoost, H. (2019). Importance of Technology Acceptance Assessment for Successful Implementation and Development of New Technologies. Global Journal of Engineering Sciences, 1(3).

Ophir, Y. (2019). The Effects of News Coverage of Epidemics on Public Support for and Compliance with the CDC-An Experimental Study. Journal of health communication, 24(5), 547-558.