The front end of innovation in converging industries

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Industry convergence, the merging of previously distinct sectors, is becoming increasingly significant across various economic activities. This phenomenon can arise from technological advancements or shifting consumer demands that bridge different industries. The emergence of products that integrate features from multiple sectors exemplifies this trend. A notable instance is the functional foods and nutraceuticals market, highlighting the blurred lines between nutrition and pharmaceuticals. This sector illustrates the convergence of technology-driven and market-driven industries. The concept of nutraceuticals suggests that innovation in this context diverges from traditional paths, necessitating resources and expertise from various industries. Companies have historically developed unique competencies along specific learning trajectories, but these may fall short in an era of convergence, where hybrid innovations demand a diverse skill set. As firms encounter new knowledge areas that are crucial for their innovation systems, industry convergence becomes a vital context for innovation management. This evolving landscape not only presents intriguing research opportunities but also holds growing importance for businesses navigating these changes.