Digital world of co-creation: Strategy and process

Abstract

The business world, irrespective of the type of industry, has become increasingly complex and amazingly competitive, and companies have to move towards innovation as one of the few sustainable sources of competitive advantage. Innovation is now considered to be one of the top priorities for most major companies in the world. Innovation has become a necessary process, widely accepted, but beyond their enthusiasm for bright ideas, most leaders know that in order to be successful in the long run, they need to develop a strong culture of open innovation and to accept that closed innovation is no longer enough to be competitive on the market. Thus, innovation challenges are considered to be one of the top priorities for most major companies in the world. From this point of view, this paper aims to highlight the strategic implications of the open innovation in co-creation processes, to present collaborative stages in terms of product development and to provide valuable examples of co-creation process and customers' engagement in various industries.