A Comprehensive Review of Stakeholder Engagement and Value Creation in Innovation Ecosystems

<p>Innovation ecosystems are essential for fostering collaboration among diverse stakeholders to drive technological advancement and support sustainable development. This study systematically investigates stakeholder engagement and value creation within innovation ecosystems to deepen understanding of their structural attributes and dynamic interactions. The study employed a PRISMA-based systematic literature review methodology, beginning with electronic database searches in Web of Science and Scopus conducted in 2023, resulting in the selection of twenty-two peer-reviewed articles closely aligned with the innovation ecosystem concept. The review identifies key attributes of innovation ecosystems, including openness, value co-creation, sustainability, and interconnectivity, and examines how these attributes contribute to the effective functioning of the ecosystem. Furthermore, the study highlights how diverse actors, as stakeholders, from multiple sectors engage and co-create value while managing inherent challenges. The findings underscore the innovation ecosystems’ capacity to generate synergies across sectors, thereby supporting the achievement of sustainable development goals (SDGs) and amplifying economic and social benefits.</p>