Co‐innovation: convergenomics, collaboration, and co‐creation for organizational values

Abstract

PurposeThe aim of this paper is to present a macro view of the evolution of innovation for value creation, from the closed to collaborative, open, and now co‐innovation. It reviews several mega trends that have dramatically changed the dynamic nature of the global market place and also several new forces that have made innovation imperative for organizational value creation.Design/methodology/approachThe paper provides a conceptual overview of co‐innovation through some of its basic elements such as convergence revolution, collaboration, and co‐creation with stakeholders.FindingsCo‐innovation is a new innovation paradigm where new ideas and approaches from various internal and external sources are integrated in a platform to generate new organizational and shared values. The core of co‐innovation includes engagement, co‐creation, and compelling experience for value creation. Thus, the practices of co‐innovative organizations are difficult to imitate by competition.Practical implicationsInnovation is imperative for organizational survival in today's turbulent global market. This conceptual paper presents many real‐world examples of co‐innovative firms' strategies that can provide new insights for follower organizations.Social implicationsInnovation is a universal strategy for every organization, be it a firm, non‐profit organization, or even a government agency. The new innovation approaches suggested in the paper can contribute to social reforms such as creating shared value for all stakeholders.Originality/valueThis is an original paper that presents a broad‐stroke direction and vision for new organizational strategies for innovation.

Enhancing Education for Sustainable Development in Environmental University Programmes: A Co-Creation Approach

“…These actions strengthen communicative and collaborative activities [65], and, due to the variety and accessibility of channels [66], they have led to the development of co-creation [67] in this context. Participation is one of the key elements of co-creation, with value co-produced by the collaboration of stakeholders, including students [61,65,68,69]. Some of the main requirements for successful co-creation are: "experience mindset, context of interactions for collective intelligence, engagement platform, and network relationships" [68] (p. 828).…”

“…Participation is one of the key elements of co-creation, with value co-produced by the collaboration of stakeholders, including students [61,65,68,69]. Some of the main requirements for successful co-creation are: "experience mindset, context of interactions for collective intelligence, engagement platform, and network relationships" [68] (p. 828). Therefore, to offer the best service, stakeholder partnership (including students) is imperative [70].…”

Cooperative learning in creating and managing joint ventures

“…Therefore, there is a need for a strong level of commitment in order to overcome the natural resistance to risks, to provide the necessary resources for this cooperation, and to foment the exchange of sufficient information (Ariño & Doz, 2000;Barners, Pashby & Gibbons, 2002;Lee, Olson & Trimi, 2012). A willingness on the part of the partners to learn what it is that the other parties can contribute and what it is that they want in return (Ariño & de la Torre, 1998;Doz, 1996) creates a capacity to cooperate, which enables the development of cooperation learning through trial and error.…”

The risk involved in implementation of innovations in the real estate market

“…91-106;Pujari, 2006); -process (Jaikumar, 1986, pp. 60-76) and organizational (Lee et al, 2012;Pivo & Fisher, 2010) -they are connected with implementation of technological innovations, legal changes and their adjustment to the needs and requirements of the contemporary customers in the real estate market; -marketing -they concern the sales and distribution of products and services in the real estate market and involve networking and new methods of presentation of real estate offers; -financial -they allow entities in the real estate market to start investments through application of modern financial instruments based on the real estate market (derivatives, covered bonds, reverse mortgage, energy efficient mortgage, bancassurance, and new insurance products, dedicated to specific entities in the real estate market). Especially in Poland, innovative solutions in the real estate market include insurance solutions.…”