Collaborative innovation and co-creation between stakeholders can deliver value for businesses.
Collaborative innovation can be defined as: “Working with others, sharing knowledge and learning, and building consensus to invent something new or create a new way of doing something, with a view to realizing shared goals.”
Benefits include more – and better – ideas, reduced risk, increased quality and speed to market, reduced costs, new skills and resources, an enhanced brand, and the ability to create value for the common good.
In today’s increasingly competitive and fast-changing global marketplace, businesses must seek to develop more frequent and higher quality innovations. At the same time, customers, employees and other stakeholders are demanding more opportunities to co-create and collaborate with businesses. Stakeholders, who are increasingly informed, connected, networked and empowered, are challenging firms. Customers, for example, are demanding better interactions with businesses and a deeper engagement in the processes that ultimately create value through the delivery of products and services.
Innovating by collaborating with a variety of internal and external stakeholders is not a fad, but a process that will become increasingly ingrained in leading business models. The most successful firms will be those with the highest quality contributors and communities behind their innovation management processes.
Given this increasing need to collaborate, innovate and co-create, businesses need a better understanding of how they can engage in these activities in a way that maximizes the value created for all stakeholders.
Leaders should address a number of areas, including preparing their organization, preparing their people and their partners’ people, and defining and implementing the right approach.
By taking the following steps towards co-creation, leaders can improve their firm’s approach to collaborative innovation, and maximize the potential for value co-creation with stakeholders:
Methodology: This report is based on an extensive literature review, along with qualitative interviews with senior managers responsible for, or involved in, collaborative innovation in their firms.
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