What is meant by a "business ecosystem"?

A "business ecosystem" refers to a collaborative system where various organizations, including suppliers, manufacturers, distributors, and even customers, come together to work collectively in delivering a product or service. This concept highlights the interconnected nature of businesses, illustrating how they rely on each other to create value and facilitate the flow of goods and services within a market. Different parts of this ecosystem may include technology providers, service partners, and regulatory entities, all contributing to the success of the end product.

Understanding this collaborative framework is crucial, as it emphasizes the importance of relationships and partnerships in achieving business objectives. The synergy created by these interactions can lead to greater innovation, efficiency, and adaptability in response to market changes.