□ The DGIST (President Kuk Yang) announced on the 30th (Tue) that the team led by Jinhyo Yun, Principal Researcher of the Division of Electronics and Information System, published “Evolution of the Commons as a Business Model,” a study jointly conducted with the research team at the University of Naples Federico II, in an international journal.
□ “The Comedy of the Commons” is a concept created by American economist Elinor Ostrom, proving that communities can solve problems concerning public goods without government or market interventions. This concept also made Elinor Ostrom the first woman to win the Nobel Prize in Economic Sciences in 2009. Moreover, the concept sheds new light on the research concerning the environmental, economic, and social sustainability of capitalism and its virtuous cycle.
□ Principal Researcher Jinhyo Yun’s team at the DGIST (DGIST Senior Researcher Hyobi Cho, Sangji University Professor Kyungbae Park, etc.) has been studying open innovation-based business models for over the last 10 years. In their study, the team applied the research they have conducted on open innovation-based business models to the “Comedy of the Commons” and studied the evolution of the commons as a business model. Since the study was jointly conducted with an Italian university, the development patterns in the two countries were also compared.
□ The analysis was focused on Naples, Italy, and Jeju, South Korea. The “Evolution of the Commons as a Business Model” was found in both countries since business models were diffused and reproduced by the participation of members in the commons.
□ The continuous expansion and reproduction of business models through the active participation of stakeholders was the source of minimum basic income for stakeholders in the commons. Moreover, with emerging social crises, such as the environmental crisis and the global stagnation of growth, this study proved that “Evolution of the Commons as a Business Model” based on local communities can make it possible to achieve sustainable growth and prosperity.
□ This is also consistent with the concept proposed by Jinhyo Yun’s team. This is, “the commons based on open innovation business models is a driving force of continuous economic and social innovation as well as a new sustainable growth engine for capitalism.”
□ Jinhyo Yun stated, “Open innovation-based business models, which are created by stakeholder participation in the commons, are constantly reformed and innovated, unlike conventional perceptions, thereby constantly innovating, expanding, and consuming economic and social values created by the commons.” Further, “We’re going to conduct a follow-up study in cities like Genoa and Milan in association with the evolution of capitalism.”
□ This study was published in the May 2023 issue of the world-renowned journal “European Planning Studies.”
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