Co-creation: New pathways to value
At Promise we are excited about co-creation as a new approach to innovation and customer involvement. We think that co-creation is hard to ignore because, under the right conditions, it helps companies build value and reduce risk, in areas including strategy, innovation and new product development. But we've noticed that co-creation as a term is used fairly indiscriminately and that, if anything, there's a strong whiff of scepticism in the air.
Last Autumn, Promise commissioned LSE Enterprise to conduct a review of what the peer-reviewed journal sources have to say about co-creation (and its sister concepts). We've focused on articles with evaluative content and case studies. We think it's the first time anyone's done this in a systematic way and we're keen to share our findings. We hope this report will add to the debate and go some way to making the case for a co-created future for businesses.
The research has led us to generate a new, more focused, definition that highlights creativity, collaboration and the social dimensions necessary for co-creation to flourish. For us "co-creation is an active, creative and social process, based on collaboration between producers and users, that is initiated by the firm to generate value for customers."
Our report covers the following key areas:
- Contexts: the drivers for co-creation
- Definitions: the co-creation space
- Origins: the intellectual roots of co-creation
- Benefits: the impact of co-creation
- Success: managing co-creation
You can find out more by downloading the report here: click here to download the summary report
If you have any thoughts, comments or suggestions on co-creation send us an email.