In this view, the innovation system is a continuous process where habits and practices of institutions, as well as networks, play a central role in generating innovation and technological change. The central idea behind this theory is the notion that what appears as innovation at the macro level is in reality the result of an interactive process that involves many different actors at the micro level. This eventually led to the development of the innovation system (IS) approach. Nelson and Winter 1982 and Metcalfe 1988). Freeman 1987 and Lundvall 1992) and increasingly integrated with scholars of evolutionary theories (e.g. Over the last decades, the tradition of innovation studies was developed further (e.g. They also introduced the notion of complex feedback loops between organizations and the scientific community in order to fill knowledge gaps. Kline and Rosenberg ( 1986) consequently proposed the chain-linked model, where the process of innovation could also be initiated by the identification of an unfilled market need instead of a new scientific insight. market and consumers, toward the earlier stages led to criticism on a pure linear, sequential view of innovation.
The omission of feedback loops from the several later stages of the innovation process, e.g. In this linear view, science leads to new technologies, which in the next stage satisfy market needs (Edquist and Hommen 1999). The first conceptual models for the emergence of innovations implied a linear innovation process. Recently, however, the origins of economic opportunities have received significant attention in entrepreneurship, organization science, and strategy. Given this importance, surprisingly little research has been conducted on the origin of innovations.
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The development and exploitation of breakthrough ideas, concepts, and technologies, generally referred to as innovation, is the driver of human advancement and prosperity. While this model is aimed at explaining the origin of economic innovations in retrospective, it can also be applied as a framing method to anticipate future economic novelty. The OV is a space, which strongly attracts innovation and often creates multiple inventions at the same time emerging independently. It is, however, the moment when all three dimensions achieve an intersecting area, when the opportunity vacuum (OV) is created.
Finally, the adjacent acceptable represents a small area on the current edges of socially accepted behavior, which currently only innovators embrace, but soon will reach the early majority of adopters.
Second, the adjacent feasible defines an area of expected cost reduction which enables the exploitation of the new technologies within a threshold. First, the adjacent possible defines a narrow space of potential first-order combinations of exiting knowledge, which is the trajectory for the new developments in technology and science. Based on the ongoing discussion about the applicability of boundedly rational search and, in particular, the metaphor of an opportunity landscape, the author has developed a conceptual framework for the origin of economic innovations, structured along three dimensions. The aim of this paper is to transfer the innovation system (IS) approach to the microeconomic level, creating a conceptual framework which helps individual actors to explain, identify, and predict the origin of innovations.
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