Analyzing an emerging business ecosystem through M&A activities: The case of the Bioeconomy

Objectives The business ecosystem approach has been widely used in research to analyze the role of different actors such as companies and their interdependencies within a specific business environment. However, research dealing with an emerging business ecosystem, where single actors, industry, and market structures are not clearly specified and only gradually evolve, is limited so far. Especially in emerging interindustry business ecosystems, the timely identification of potentially new cooperating sectors is highly relevant, as hitherto separate industry structures might converge. Accordingly, this article adopts an industry perspective allowing for the identification of relevant industry sectors, their respective industry affiliation as well as the development of an emerging business ecosystem. Methods In doing so, we propose a conceptual framework for visualizing emerging business ecosystems by drawing upon Merger and Acquisition (M&A) data. While using the case of the highly interdisciplinary emerging Bioeconomy, first, the delineation of relevant Standard Industrial Classification codes, and second, the industry network analysis of M&A data contributes to the visualization of an emerging business ecosystem. Results In line with the definition of the Bioeconomy, keystone players as well as most important bridges between other sectors are the chemical and food industry. Conclusions The proposed framework can provide insight in the relevance of central industry sectors in forming an emerging interindustry business ecosystem, and it supports the anticipation of converging industries. Finally, it will help policy makers and managers in evaluating resource and knowledge flows across sectors involved within the business ecosystem and in depicting the status-quo of an emerging business ecosystem.