Policymakers have a crucial role to play in supporting innovators and creating a dynamic innovation ecosystem where they can thrive.
Our paper explores why innovation is a central strategy to long-term competitiveness in this highly price-sensitive sector. How can policymakers help their innovators thrive in order to build a domestic industry that competes successfully? They can do so by investing in their “innovation ecosystem”. The innovation ecosystem is made up of those who participate in the process of innovation very broadly, and the rules that govern how those people and companies interact.
The innovation ecosystem approach captures the complexity, uncertainty, and diversity of innovation and identifies the critical services innovators need to thrive. In the low-carbon power sector these include:
- Creating and sharing knowledge
- Building competence
- Creating collaborative networks
- Developing infrastructure
- Providing finance
- Establishing governance and the regulatory environment
- Creating markets for low-carbon power
To accelerate innovation, to increase the odds of innovation processes ending in success, it is critical to ensure all of the services or functions are being delivered effectively and efficiently.
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