The Co-Creation Paradigm

The Co-Creation Paradigm

The Co-Creation Paradigm

The Co-Creation Paradigm

Synopsis

A fundamental shift is underway that will change how we conceive of value. In an era of increasing interconnectedness, individuals, as opposed to institutions, stand at the center of value creation. To adapt to this tectonic shift, organizations can no longer unilaterally devise products and services. They must engage stakeholders-from customers and employees to suppliers, partners, and citizens at large-as co-creators.

Co-creation guru Venkat Ramaswamy and Kerimcan Ozcan call for enterprises to be mindful of lived experiences, to build engagement platforms and management systems that are designed for creative collaboration, and to develop "win more-win more" strategies that enhance our wealth, welfare, and, well-being. Richly illustrated with examples of co-creation in action, The Co-Creation Paradigm provides a blueprint for the co-creative enterprise, economy, and society, while presenting a conceptual framework that will guide organizations across sectors in adopting this transformational approach. Challenging some of our most deeply held ideas about business and value, this book outlines the future of "business as usual."

Excerpt

For a long time, people believed that the sun revolved around the earth because it was the sun that rose and set every day. a paradigm shift occurred with the realization that the earth revolved around the sun. Something similar is underway in our social, business, and civic systems. Individuals were seen as revolving around firms and institutions. We were pockets of demand, rising and setting around supply. This is no longer true. Individuals, not institutions, are now at the center of value creation.

Traditional business thinking starts with the premise that the firm autonomously determines value through its choice of products and services. Consumers are assumed to represent demand for the firm’s offerings. the implications for business follow from these premises. the firm needs an exchange process to move its goods and services to consumers. This exchange process has long been the locus of the producer’s role in extracting economic value from the consumer. Firms have developed multiple approaches to extracting this value: increasing the variety of offerings, efficiently delivering and servicing those offerings, staging goods and services like themed restaurants do, and customizing offerings for individual customers.

These premises and implications manifest themselves in the perspectives and practices of firms in the industrial system. Managers focus on . . .

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