Abstract
Winning firms opened their boundaries and are harnessing external knowledge, resources, and capabilities. Changing client demands, regulations, and pervasive technological change are the core areas where today’s human resources must develop new management practices. We acknowledged the ability to deploy partnerships as this is key for the transformation and for rapidly adapting business models. Management teams realized that they can only fully capitalize from innovation ecosystems if they provide an open culture and increase skills for collaboration and managing all the stakeholders. They must also learn to make better decisions with more instantaneous and insightful information about financial markets, products, services, competitors, and clients. Managing the volumes and complexity of data is another focal development that infuses all firms on all hierarchical levels. It will destroy several existing roles and creates new job profiles vis-a-vis machines. Overall to be successful in an ecosystem, leaders must develop ecosystem services that embrace disruptive business models. In this chapter we discuss an open organizational culture that fosters creative thinking besides exploitation and exploration strategies and the development of ambidextrous innovation capabilities. Lastly it is all about trust and the player’s engagement in the ecosystem build up on social capital.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Fasnacht, D. (2009) Open Innovation in the Financial Services. Springer, Berlin.
- 2.
See hackathon guide by Joshua Tauberer [online 5 April 2018] www.hackathon.guide
- 3.
NICe (2010) Creating new concepts, products and services with User Driven Innovation. Nordic Innovation Center, January 2010.
- 4.
Tushman, M.L. and O’Reilly, C.A. (1996) “Ambidextrous organizations: Managing evolutionary and revolutionary change”, California Management Review, 38(4), 8–30. For further articles that brought together ambidexterity and innovation, see Tushman, M.L. and O’Reilly, C. (2002) Winning through innovation: A practical guide to leading organizational change and renewal. Harvard Business School Press, Boston, MA; O’Reilly, C. and Tushman, M.L. (2004) “The ambidextrous organization”, Harvard Business Review, 82(4), 74–81.
- 5.
March, J.G. (1991) “Exploration and exploitation in organizational learning”, Organization Science, 2(1), 71–87. For efficiency versus flexibility, see Adler, P.S., Goldoftas, B. and Levine, D.I. (1999) “Flexibility versus efficiency? A case study of model changeover in the Toyota production system”, Organization Science, 10(1), 43–67.
- 6.
Haanaes, K., Reeves, M. and Wurlod, J. (2018) “The 2% Company”, BCG Henderson Institute.
- 7.
Pinter, V. (2015) “Overview and analysis of the performance of Spin-offs at the Swiss federal Institute of Technology Zurich and their effect on the Swiss Economy”, ETH Zurich – ETH transfer, January 2015. Also see www.spinoff.ethz.ch
- 8.
Source: www.english.gov.cn
- 9.
Fasnacht, D. (2005) The Transition to Open Innovation: A Case Study in the Banking Industry, PhD Thesis, University of Nottingham, UK.
- 10.
Ibid 9.
- 11.
Isaacs, W. (1999) Dialogue: The Art of Thinking Together. Crown Business. Currency Book, N.Y.
- 12.
Zann, G. (2013). “Wikipedia: Case Study of Innovation Harnessing Collaborative Intelligence” In: Curley, M. and Formica, P. (eds). The Experimental Nature of Venture Creation: Capitalizing on Open Innovation 2.0. Springer, N.Y.
- 13.
We adapted the concept of social capital to the financial services industry and ecosystems from Bourdieu, P., and L. P. D. Wacquant. 1992. An Invitation to Reflexive sociology. University of Chicago Press; Nahapiet, J. and Ghoshal, S. (1998) “Social capital, intellectual capital, and the organizational advantage”, Academy of Management Review, 23(2), 242–266; Tsai, W. and Ghoshal, S. (1998) “Social capital and value creation: The role of intrafirm networks”, Academy of Management Journal, 41(4), 464–477; Adler, P.S. and Kwon, S. (2002) “Social capital: Prospects for a new concept”, Academy of Management Review, 27(1), 17–40; The link from the notion of human capital to social capital was made by adapting thoughts made by Coleman, J. (1988) “Social capital in the creation of human capital”, American Journal of Sociology, 94, 95–120.
- 14.
Priestley, T. (2015) “Why Every Tech Company Needs A Chief Evangelist”, [online 1 March 2018] https://www.forbes.com/sites/theopriestley/2015/08/28/why-every-tech-company-needs-a-chief-evangelist/#77fe6c5e3422
- 15.
BCG (2006) Measuring Innovation. Boston Consulting Group. The global innovators that encompass the top 25 most innovative companies overall had a median annualized shareholder return of 14.3% from 1996 to 2005, a full 300 basis points better than that of the S&P Global 1200 median. The survey confirmed for all regions that innovative companies have the capacity to generate more total shareholder return. The Design Management Institute states that the most innovative companies in the world share one thing in common. They use design as an integrative resource to innovate more efficiently and successfully. Their Design Value Index (DVI) shows that innovative firms outperformed the S&P 500 by over 200% within the last 10 years; see DMI (2015) The Power and Value of Design Continues to Grow across the S&P 500. DMI, Vol. 2, Issue 4.
- 16.
BCG (2017) Global Innovation Survey. Boston Consulting Group.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2018 Springer International Publishing AG, part of Springer Nature
About this chapter
Cite this chapter
Fasnacht, D. (2018). Ecosystem Services. In: Open Innovation Ecosystems. Management for Professionals. Springer, Cham. https://doi.org/10.1007/978-3-319-76394-1_7
Download citation
DOI: https://doi.org/10.1007/978-3-319-76394-1_7
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-76393-4
Online ISBN: 978-3-319-76394-1
eBook Packages: Economics and FinanceEconomics and Finance (R0)