IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v187y2023ics0040162522007314.html
   My bibliography  Save this article

Strategies for sensing innovation opportunities in smart grids: In the perspective of interactive relationships between science, technology, and business

Author

Listed:
  • Choi, Kwang Hun
  • Kwon, Gyu Hyun

Abstract

In response to the many changes and uncertainties facing the future, sensing opportunities for innovation is an important agenda. Formulating strategies for sensing opportunities in innovation requires an ecosystem perspective that integrates the science, technology, and business (S-T-B) fields that shape the innovation ecosystem. This study was to identify potential in the innovation ecosystem focusing on a text mining technique and similarity-based analysis, which is the fundamental concept of Literature-Based Discovery, an approach to deriving hidden associations between two areas in bibliometric databases. The purpose of this study was sensing innovation opportunities through intelligent trends and interaction analysis in S-T-B fields in the value chain of smart grids, which is the research target area. Topic modeling, and cosine similarity measurements were carried out using scientific papers, patents, business publication data corresponding to the S-T-B ecosystem. Through multi-dimensional data sources corresponding to the S-T-B fields, the evolutionary path of the smart grid value chain and its potential as a strategic tool for future innovative challenges were identified. This study has practical and policy implications in that it identifies a niche in the innovation system and provides meaningful information that could contribute to the revitalization of participation in the private sector and consumers.

Suggested Citation

  • Choi, Kwang Hun & Kwon, Gyu Hyun, 2023. "Strategies for sensing innovation opportunities in smart grids: In the perspective of interactive relationships between science, technology, and business," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    • Handle: RePEc:eee:tefoso:v:187:y:2023:i:c:s0040162522007314
    DOI: 10.1016/j.techfore.2022.122210
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162522007314
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2022.122210?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Clarysse, Bart & Wright, Mike & Bruneel, Johan & Mahajan, Aarti, 2014. "Creating value in ecosystems: Crossing the chasm between knowledge and business ecosystems," Research Policy, Elsevier, vol. 43(7), pages 1164-1176.
    2. Klevorick, Alvin K. & Levin, Richard C. & Nelson, Richard R. & Winter, Sidney G., 1995. "On the sources and significance of interindustry differences in technological opportunities," Research Policy, Elsevier, vol. 24(2), pages 185-205, March.
    3. Di Silvestre, Maria Luisa & Favuzza, Salvatore & Riva Sanseverino, Eleonora & Zizzo, Gaetano, 2018. "How Decarbonization, Digitalization and Decentralization are changing key power infrastructures," Renewable and Sustainable Energy Reviews, Elsevier, vol. 93(C), pages 483-498.
    4. Ogawa, Takaya & Kajikawa, Yuya, 2015. "Assessing the industrial opportunity of academic research with patent relatedness: A case study on polymer electrolyte fuel cells," Technological Forecasting and Social Change, Elsevier, vol. 90(PB), pages 469-475.
    5. Ola Olsson, 2005. "Technological Opportunity and Growth," Journal of Economic Growth, Springer, vol. 10(1), pages 31-53, January.
    6. Unruh, Gregory C., 2000. "Understanding carbon lock-in," Energy Policy, Elsevier, vol. 28(12), pages 817-830, October.
    7. Jason Jihoon Ree & Kwangsoo Kim, 2019. "Smart Grid R&D Planning Based on Patent Analysis," Sustainability, MDPI, vol. 11(10), pages 1-25, May.
    8. Janghyeok Yoon & Kwangsoo Kim, 2012. "Detecting signals of new technological opportunities using semantic patent analysis and outlier detection," Scientometrics, Springer;Akadémiai Kiadó, vol. 90(2), pages 445-461, February.
    9. Leydesdorff, Loet & Cozzens, Susan & Van den Besselaar, Peter, 1994. "Tracking areas of strategic importance using scientometric journal mappings," Research Policy, Elsevier, vol. 23(2), pages 217-229, March.
    10. Adrian S. Petrescu, 2009. "Science and Technology for Economic Growth. New Insights from when the Data Contradicts Desktop Models1," Review of Policy Research, Policy Studies Organization, vol. 26(6), pages 839-880, November.
    11. Erlinghagen, Sabine & Markard, Jochen, 2012. "Smart grids and the transformation of the electricity sector: ICT firms as potential catalysts for sectoral change," Energy Policy, Elsevier, vol. 51(C), pages 895-906.
    12. Granstrand, Ove & Holgersson, Marcus, 2020. "Innovation ecosystems: A conceptual review and a new definition," Technovation, Elsevier, vol. 90.
    13. David J. Teece, 2012. "Dynamic Capabilities: Routines versus Entrepreneurial Action," Journal of Management Studies, Wiley Blackwell, vol. 49(8), pages 1395-1401, December.
    14. Yoon, Byungun & Park, Inchae & Coh, Byoung-youl, 2014. "Exploring technological opportunities by linking technology and products: Application of morphology analysis and text mining," Technological Forecasting and Social Change, Elsevier, vol. 86(C), pages 287-303.
    15. Binz, Christian & Truffer, Bernhard & Coenen, Lars, 2014. "Why space matters in technological innovation systems—Mapping global knowledge dynamics of membrane bioreactor technology," Research Policy, Elsevier, vol. 43(1), pages 138-155.
    16. Verbong, Geert P.J. & Beemsterboer, Sjouke & Sengers, Frans, 2013. "Smart grids or smart users? Involving users in developing a low carbon electricity economy," Energy Policy, Elsevier, vol. 52(C), pages 117-125.
    17. Shen, Yung-Chi & Wang, Ming-Yeu & Yang, Ya-Chu, 2020. "Discovering the potential opportunities of scientific advancement and technological innovation: A case study of smart health monitoring technology," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    18. Xu, Guannan & Wu, Yuchen & Minshall, Tim & Zhou, Yuan, 2018. "Exploring innovation ecosystems across science, technology, and business: A case of 3D printing in China," Technological Forecasting and Social Change, Elsevier, vol. 136(C), pages 208-221.
    19. David J. Teece, 2007. "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance," Strategic Management Journal, Wiley Blackwell, vol. 28(13), pages 1319-1350, December.
    20. Foxon, Timothy J. & Pearson, Peter J.G. & Arapostathis, Stathis & Carlsson-Hyslop, Anna & Thornton, Judith, 2013. "Branching points for transition pathways: assessing responses of actors to challenges on pathways to a low carbon future," Energy Policy, Elsevier, vol. 52(C), pages 146-158.
    21. Wang, Ming-Yeu & Fang, Shih-Chieh & Chang, Yu-Hsuan, 2015. "Exploring technological opportunities by mining the gaps between science and technology: Microalgal biofuels," Technological Forecasting and Social Change, Elsevier, vol. 92(C), pages 182-195.
    22. Dranka, Géremi Gilson & Ferreira, Paula, 2020. "Towards a smart grid power system in Brazil: Challenges and opportunities," Energy Policy, Elsevier, vol. 136(C).
    23. Tuballa, Maria Lorena & Abundo, Michael Lochinvar, 2016. "A review of the development of Smart Grid technologies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 59(C), pages 710-725.
    24. Gomes, Leonardo Augusto de Vasconcelos & Facin, Ana Lucia Figueiredo & Salerno, Mario Sergio & Ikenami, Rodrigo Kazuo, 2018. "Unpacking the innovation ecosystem construct: Evolution, gaps and trends," Technological Forecasting and Social Change, Elsevier, vol. 136(C), pages 30-48.
    25. Oh, Deog-Seong & Phillips, Fred & Park, Sehee & Lee, Eunghyun, 2016. "Innovation ecosystems: A critical examination," Technovation, Elsevier, vol. 54(C), pages 1-6.
    26. Martin Meyer, 2002. "Tracing knowledge flows in innovation systems," Scientometrics, Springer;Akadémiai Kiadó, vol. 54(2), pages 193-212, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ghazinoory, Sepehr & Nasri, Shohreh & Afshari-Mofrad, Masoud & Taghizadeh Moghadam, Negin, 2023. "National Innovation Biome (NIB): A novel conceptualization for innovation development at the national level," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    2. Motohashi, Kazuyuki & Zhu, Chen, 2023. "Identifying technology opportunity using dual-attention model and technology-market concordance matrix," Technological Forecasting and Social Change, Elsevier, vol. 197(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shen, Yung-Chi & Wang, Ming-Yeu & Yang, Ya-Chu, 2020. "Discovering the potential opportunities of scientific advancement and technological innovation: A case study of smart health monitoring technology," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    2. Gomes, Leonardo Augusto de Vasconcelos & Flechas, Ximena Alejandra & Facin, Ana Lucia Figueiredo & Borini, Felipe Mendes, 2021. "Ecosystem management: Past achievements and future promises," Technological Forecasting and Social Change, Elsevier, vol. 171(C).
    3. Patrycja Klimas & Wojciech Czakon, 2022. "Species in the wild: a typology of innovation ecosystems," Review of Managerial Science, Springer, vol. 16(1), pages 249-282, January.
    4. Marzena Kramarz & Lilla Knop & Edyta Przybylska & Katarzyna Dohn, 2021. "Stakeholders of the Multimodal Freight Transport Ecosystem in Polish–Czech–Slovak Cross-Border Area," Energies, MDPI, vol. 14(8), pages 1-32, April.
    5. Song, Kisik & Kim, Karp Soo & Lee, Sungjoo, 2017. "Discovering new technology opportunities based on patents: Text-mining and F-term analysis," Technovation, Elsevier, vol. 60, pages 1-14.
    6. Ren, Haiying & Zhao, Yuhui, 2021. "Technology opportunity discovery based on constructing, evaluating, and searching knowledge networks," Technovation, Elsevier, vol. 101(C).
    7. Wu, Yingwen & Ji, Yangjian, 2023. "Identifying firm-specific technology opportunities from the perspective of competitors by using association rule mining," Journal of Informetrics, Elsevier, vol. 17(2).
    8. Gomes, Leonardo Augusto de Vasconcelos & Fleury, André Leme & Oliveira, Maicon Gouvêa de & Facin, Ana Lucia Figueiredo, 2021. "Ecosystem policy roadmapping," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    9. Yanzhang Gu & Longying Hu & Hongjin Zhang & Chenxuan Hou, 2021. "Innovation Ecosystem Research: Emerging Trends and Future Research," Sustainability, MDPI, vol. 13(20), pages 1-21, October.
    10. Xu, Guannan & Wu, Yuchen & Minshall, Tim & Zhou, Yuan, 2018. "Exploring innovation ecosystems across science, technology, and business: A case of 3D printing in China," Technological Forecasting and Social Change, Elsevier, vol. 136(C), pages 208-221.
    11. Guannan Xu & Weijie Hu & Yuanyuan Qiao & Yuan Zhou, 2020. "Mapping an innovation ecosystem using network clustering and community identification: a multi-layered framework," Scientometrics, Springer;Akadémiai Kiadó, vol. 124(3), pages 2057-2081, September.
    12. Robertson, Jeandri & Caruana, Albert & Ferreira, Caitlin, 2023. "Innovation performance: The effect of knowledge-based dynamic capabilities in cross-country innovation ecosystems," International Business Review, Elsevier, vol. 32(2).
    13. Wang, Ming-Yeu & Fang, Shih-Chieh & Chang, Yu-Hsuan, 2015. "Exploring technological opportunities by mining the gaps between science and technology: Microalgal biofuels," Technological Forecasting and Social Change, Elsevier, vol. 92(C), pages 182-195.
    14. Pushpananthan, Gouthanan & Elmquist, Maria, 2022. "Joining forces to create value: The emergence of an innovation ecosystem," Technovation, Elsevier, vol. 115(C).
    15. Zhongji Yang & Liangqun Qi & Xin Li & Tianxi Wang, 2022. "How Does Successful Catch-Up Occur in Complex Products and Systems from the Innovation Ecosystem Perspective? A Case of China’s High-Speed Railway," Sustainability, MDPI, vol. 14(13), pages 1-22, June.
    16. James Boyer, 2020. "Toward an Evolutionary and Sustainability Perspective of the Innovation Ecosystem: Revisiting the Panarchy Model," Sustainability, MDPI, vol. 12(8), pages 1-17, April.
    17. Cobben, Dieudonnee & Ooms, Ward & Roijakkers, Nadine & Radziwon, Agnieszka, 2022. "Ecosystem types: A systematic review on boundaries and goals," Journal of Business Research, Elsevier, vol. 142(C), pages 138-164.
    18. Larissa Oliveira‐Duarte & Diane Aparecida Reis & Andre Leme Fleury & Rosana Aparecida Vasques & Homero Fonseca Filho & Mikko Koria & Julia Baruque‐Ramos, 2021. "Innovation Ecosystem framework directed to Sustainable Development Goal #17 partnerships implementation," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(5), pages 1018-1036, September.
    19. Rezaeian, M. & Montazeri, H. & Loonen, R.C.G.M., 2017. "Science foresight using life-cycle analysis, text mining and clustering: A case study on natural ventilation," Technological Forecasting and Social Change, Elsevier, vol. 118(C), pages 270-280.
    20. Choi, Jaewoong & Jeong, Byeongki & Yoon, Janghyeok, 2019. "Technology opportunity discovery under the dynamic change of focus technology fields: Application of sequential pattern mining to patent classifications," Technological Forecasting and Social Change, Elsevier, vol. 148(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:187:y:2023:i:c:s0040162522007314. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.