Innovation and entrepreneurship are vital sources of growth. It generates
personal growth for entrepreneurs market growth for firms that develop new product and services, and growth for municipalities, regions and countries in the form of increased employment and sustainable output such as food, healthcare and energy. Innovation and entrepreneurship cannot exist in a vacuum. Rather, they are the result of business ecosystems. Business ecosystems consist of multiple actors jointly creating something new, including:
- local communities
- customers
- co-suppliers
- non-governmental organisations
- knowledge institutes
- governments