The Power of Co-Creation

Apple embraced co-creation to enhance the speed and scope of its innovation, generat-ing over $1 billion for its App-Store partner-developers in two years, even as it overtook Microsoft in market value. Starbucks launched its online platform MyStarbucksIdea.com to tap into ideas from customers and t [...]
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Apple embraced co-creation to enhance the speed and scope of its innovation, generat-ing over $1 billion for its App-Store partner-developers in two years, even as it overtook Microsoft in market value. Starbucks launched its online platform MyStarbucksIdea.com to tap into ideas from customers and turbocharged a turnaround. Unilever turned to co-creation for redesigning prod-uct lines such as Sunsilk shampoo and revitalized growth. Nike achieved remarkable success with its Nike+ co-creation initiative, which enables a com-munity of over a million runners to interact with one another and the company, increasing its market share by 10 percent in the first year. Co-creation involves redefining the way organizations engage individuals--customers, employees, suppliers, partners, and other stake-holders--bringing them into the process of value creation and engaging them in enriched experi-ences, in order to --formulate new breakthrough strategies--design compelling new products and services--transform management processes--lower risks and costs--increase market share, loyalty, and returnsIn this pathbreaking book, Venkat Ramaswamy (who coined the term "co-creation "with C. K. Prahalad) and Francis Gouillart, pioneers in working with com-panies to develop co-creation practices, show how every organization--from large corporation to small firm, and government agency to not-for-profit--can achieve "win more-win more" results with these methods. Based on extraordinary research and the authors' hands-on experiences with successful projects in co-creation at dozens of the world's most exciting organizations, "The Power of Co-Creation "illustrates with detailed examples from leading firms such as those above, as well as from Cisco, GlaxoSmithKline, Ama-zon, Jabil, Predica, Wacoal, Caja Navarra, and many others, how enterprises have used a wide range of "engagement platforms"--and how they have even restructured internal management processes--in order to harness the power of co-creation. As the authors' wealth of examples make vividly clear, enterprises can no longer afford to view custom-ers and other stakeholders as passive recipients of their products and services but must learn to engage them in defining and delivering enhanced value. Co-creation goes beyond the conventional "process view" of qual-ity, re-engineering, and lean thinking, and is the essential new mind-set and practice for boosting sus-tainable growth, productivity, and profits in the future.