A Framework for Understanding Convergence-Based Innovation: A Study of Canadian Ventures

Many entrepeneurs, venture capitalists, researchers, and policy makers view multidisciplinary convergence-based innovation as a primary source of competitive advantage in the globalized world of the 21st century. Convergence-based innovation is the integration of specialized knowledge from two or more fields or disciplines. The premise is that this type of innovation can lead to greater discovery and creativity which can result in new areas of knowledge, products with longer staying power, and more significant social benefits. This paper focuses on the development of a theoretical framework for understanding the entrepeneuarial activity of convergence-based innovation. This framework is described as having three dimensions: content, process, and context. We report the findings in several of our research studies to provide further understanding of these three dimensions. The intent of this paper is to provide both descriptive and prescriptive perspectives that will be beneficial to those managing the entrepeneurial activities of knowledge creation and innovation - whether in small start-up high-tech firms or multi-national corporations. This can also assist faculty and researchers seeking to educate the next generation to live and work in an open-platform cross-disciplinary world.