Spurred by advances in technology and changes in social trends, organizations are responding to fluctuating market dynamics and economic conditions by implementing strategies that put the customer at the center of the product development process. Used as a powerful innovation strategy, co-creation helps organizations get closer to their markets and reduces the “fuzziness” of the front end innovation (FEI) process.
Venkat Ramaswamy, a prominent thought leader in the co-creation space, defines co-creation as “the close involvement of consumers, as active participants collaborating with designers and product managers, in the development and delivery of new products”. Conceptually, the term has received some criticism, being referred to as a modern marketing ‘buzzword’, lacking concrete examples for practical application in product development. However, with the right processes and tools, co-creation can be effectively used to manage the difficult front end of innovation.
To read the full, original article click on this link: Building Your Innovation Toolbox for Successful Co-Creation | InnovationManagement
Author:Catherine Constantinides
