Business ecosystem is an important concept in strategy.
Why?
That’s because being part of an ecosystem encourages both innovation and growth.
(1) It helps create new value propositions;
(2) It’s a springboard for reaching more customers.
In this article, you’ll learn how you can implement the concept of ecosystem into your business model.
What’s a business ecosystem?
Let me first explain what business ecosystem means.
Business ecosystem is the idea that a business—like any animal—is part of a broader system.
James F. Moore coined the term “business ecosystem” in an HBR article, Predators and Prey: A New Ecology of Competition.