“…However, in this study, we define an innovation ecosystem as a collaborative environment where interconnected but interdependent actors, such as the focal firm, customers, suppliers, startups and other organizations work together to create value. Startups, established companies, investors and academic institutions play a vital role (Adner, 2017;Amann, Granstr€ om, Frishammar, & Elfsberg, 2022). Therefore, collaborative arrangements emerge among participants to aid value creation for each stakeholder (Adner, 2006;Gomes, Facin, Salerno, & Ikenami, 2018;Granstrand & Holgersson, 2019).…”