After leading more than thirty co-creation projects, and observing more than 200 others, the author can offer a view on why co-creation with stakeholders is becoming a cornerstone of the creative economy and suggest how the most popular approaches contribute to helping firms gain a competitive advantage through connections that enable continuous innovation.
To tackle large, complex problems, co-creation, in its most generic form, requires adopting five processes that each represent a potential source of competitive advantage; an approach can utilize each process from very little to a lot. A co-creation strategy will be most powerful when all five processes are used in combination.
Leading theorists are predicting that in the foreseeable future the co-creation model will become a primary source of the firm's competitive advantage.
Opening up the traditional value chain to stakeholders could precipitate a race to co-creation, as every firm tries to connect each function and process to the relevant ecosystem and attract the best external players as partners.
Leading theorists anticipate that in the foreseeable future the co-creation model will become a primary source of the firm's competitive advantage. The article lays out five approaches.
J. Gouillart, F. (2014), "The race to implement co-creation of value with stakeholders: five approaches to competitive advantage", Strategy & Leadership, Vol. 42 No. 1, pp. 2-8. https://doi.org/10.1108/SL-09-2013-0071Download as .RIS
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