Knowledge Element Relationship and Value Co-Creation in the Innovation Ecosystem

In the era of Innovation 3.0, more and more enterprises are working together to build an innovation ecosystem to achieve value creation. The various participants in the innovation ecosystem promote resource aggregation and integration through cross boundary collaboration, jointly creating the value of the ecosystem. Value co-creation has become the core goal pursued by the participants in the innovation ecosystem. As an innovative participant in the innovation ecosystem, it is particularly necessary for enterprises to explore the formation mechanism of value co-creation from the perspective of enterprise knowledge characteristics. This article analyzes the value co-creation mechanism of innovation ecosystems from the perspective of including internal knowledge bases and external relationships. Based on the dimension of knowledge element relationships, a theoretical model is constructed to investigate the impact of enterprise knowledge element relationships on value co-creation in innovation ecosystems and explore the mediating role of knowledge synergy and the moderating role of innovation ecosystem normativity. The relationships are modeled based on survey data collected from 427 Chinese companies, and multiple regression analysis and bootstrap methods are used to empirically test the hypotheses. The research results show that different dimensions of knowledge element relationships have different impacts on value co-creation. Knowledge element substitution negatively affects value co-creation, while knowledge combination diversity positively affects value co-creation. However, there is an inverted U-shaped relationship between knowledge element complementarity and value co-creation. Knowledge synergy partially mediates the relationship between knowledge element relationships and value co-creation, and innovation ecosystem normativity has a two-stage moderating effect on the path from knowledge element relationships to knowledge synergy to value co-creation. This article enriches the research content of knowledge management in innovation ecosystems, guides enterprises in the innovation ecosystem to reasonably construct their own knowledge systems, and promotes the formation of innovation ecosystem norms, thus promoting the development of value co-creation activities.