The article "Towards a Theory of Ecosystems" by Michael G. Jacobides, Carmelo Cennamo, and Annabelle Gawer explores the emergence and dynamics of ecosystems in strategic management. The authors argue that modularity is a key enabling factor for the formation of ecosystems, allowing interdependent organizations to coordinate without full hierarchical control. They identify two main types of complementarities—unique and supermodular—that shape the value creation and capture within ecosystems. Unique complementarities require specific, non-redeployable investments, while supermodular complementarities benefit from increased investment. The authors propose a theoretical framework that explains when and why ecosystems emerge, their distinct structures, and the factors influencing their success or failure. They conclude with implications for mainstream strategy and suggestions for future research, emphasizing the importance of understanding the nature and direction of dependencies, the extent of underlying complementarity, and the fungibility of investments in ecosystem dynamics.The article "Towards a Theory of Ecosystems" by Michael G. Jacobides, Carmelo Cennamo, and Annabelle Gawer explores the emergence and dynamics of ecosystems in strategic management. The authors argue that modularity is a key enabling factor for the formation of ecosystems, allowing interdependent organizations to coordinate without full hierarchical control. They identify two main types of complementarities—unique and supermodular—that shape the value creation and capture within ecosystems. Unique complementarities require specific, non-redeployable investments, while supermodular complementarities benefit from increased investment. The authors propose a theoretical framework that explains when and why ecosystems emerge, their distinct structures, and the factors influencing their success or failure. They conclude with implications for mainstream strategy and suggestions for future research, emphasizing the importance of understanding the nature and direction of dependencies, the extent of underlying complementarity, and the fungibility of investments in ecosystem dynamics.