Abstract
A business ecosystem is made up of interdependent firms using common standards and collectively providing goods and services to their customers. The effective engagement of ecosystem participants requires some level of ecosystem management, including rules for participation by other firms. The supporting institutions and enterprises that provide the foundations for ecosystems are usually harnessed by a lead innovator who provides vision, financial resources, technological assets and coordinating mechanisms, including common standards. The health of each firm in the ecosystem depends on the vitality of all firms that share the system. To thrive over time, the system must adapt to changes in the business environment through the intentional acts and coordination efforts of managers and entrepreneurs.
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Teece, D.J. (2016). Business Ecosystem. In: Augier, M., Teece, D. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-94848-2_724-1
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DOI: https://doi.org/10.1057/978-1-349-94848-2_724-1
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