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Question: Discuss about the Concept of Innovation Ecosystem in International Business. Answer: Introduction Innovation Ecosystem is a business model that emphasizes on the economic system of a business entrepreneurship rather than energy dynamics. This business tool is implemented to develop the technical improvement and innovation of an enterprise (Zygiaris 2013). There are various types of innovation ecosystems- science ecosystem, business ecosystem, and technology ecosystem and all of these has own unique objectives. The report excerpted from Exploring innovation ecosystems across science, technology, and business: A case of 3D printing in China encompasses the significance of Innovation Ecosystem and its components. The report also throws light on the approaches for the development of intangible relationships of the innovative ecosystem. The report ends by stating some methods to develop the innovation ecosystem for small and medium sized business firms to compete with the emerging fast-developing industries. Innovation Ecosystem and its Components An innovation ecosystem is a representation of the financially viable business dealings rather than the force dynamics of the complex business affairs. These links are created among performers or units whose practical aim is to facilitate technical progress and modernism. The performers here consist of the objects like finances, machineries, services and the human being resources like students, faculty, workforce, production researchers and business councils. All these put together create the organizational articles joining in the ecosystem (Romano 2014). The innovation ecosystem contains two distinctive, although chiefly alienated financial systems, the knowledge economy, which is determined by elementary research, and the business economy, which is determined by the market. Nevertheless, the two economies are dimly fixed, as the funds endowed in the knowledge economy are derivative from the business sector that comprises government research and development (RD) and reserves that ar e eventually derivative from tax revenues. Significance of Innovation Ecosystem There are two traditions to enhance financial productivity inside a market. They are-(1) by raising the amount of contributions in a dynamic method, or (2) by implementing inventive traditions to acquire additional productivity from the similar quantity of inputs. An ecosystem is said to be flourishing when it allows the firms to generate profits that an individual firm could not have produced all by itself. Many theoretical approaches such as open innovation, foundation strategies, platform management, hyperlinked organizations and assessment networks have demonstrated the benefits of these ecosystems (Xu et al., 2017). Innovation is assumed an elementary foundation of considerable wealth production within an economy (Durst and Poutanen 2013). A significant characteristic of an innovation ecosystem is to facilitate the resources accessible to the information market are attached to the funds produced by the business market. Another characteristic is that the ecosystem is the utilization of strategies to increase around a detailed technology (Autio 2014). Another significance of innovation ecosystem is that it evaluates whether these technical and scientific knowledge are imported to the values of business and whether these values of business are sustained by the development of local technology and basic research. Innovation ecosystem is mainly important for emerging industries to understand that there is soaring insecurity about advanced technological courses(Xu et al., 2017). Conclusion In the light of the above discussion, it can be concluded that an innovation ecosystem is flourishing and strong once the funds provided in the knowledge economy through private, government, or direct business savings are consequently refilled by modernization provoked revenue increase in the business economy. In the conclusion, it can be said that a strong innovation ecosystem is one that shuts the criticism circle between RD funds by modernization that boost earnings in the business market. References Autio, E., Kenney, M., Mustar, P., Siegel, D. and Wright, M., 2014. Entrepreneurial innovation: The importance of context.Research Policy. Durst, S. and Poutanen, P., 2013. Success factors of innovation ecosystems-Initial insights from a literature review.Pros. Co-Create. Romano, A., Passiante, G., Del Vecchio, P. and Secundo, G., 2014. The innovation ecosystem as booster for the innovative entrepreneurship in the smart specialisation strategy.International Journal of Knowledge-Based Development Xu, G., Wu, Y., Minshall, T. and Zhou, Y. (2017).Exploring innovation ecosystems across science, technology, and business: A case of 3D printing in China. Zygiaris, S., 2013. Smart city reference model: Assisting planners to conceptualize the building of smart city innovation ecosystems.Journal of the Knowledge Economy,4(2), pp.217-231.