Collaborative innovation and co-creation between stakeholders can deliver value for businesses.
Collaborative innovation can be defined as: “Working with others, sharing knowledge and learning, and building consensus to invent something new or create a new way of doing something, with a view to realizing shared goals.”
Benefits include more – and better – ideas, reduced risk, increased quality and speed to market, reduced costs, new skills and resources, an enhanced brand, and the ability to create value for the common good.
‘Making a market’, or creating a need for something no-one has experienced before, is difficult enough for the most well-known sellers, but for entrepreneurs it is doubly so. To overcome the hurdle of succeeding with a new product, they need to work not only on the innovation itself but also on educating potential customers. This research sets out an approach to market-making for entrepreneurs in certain complex markets.
While emerging countries are starting to generate more innovation, most of the world’s innovation continues to be clustered in regions of the advanced economies.
