Uday Dandavate-Founder & CEO, SonicRim Ltd., October 16, 2015

Purposeful Innova.on through Co-Crea.on

What is Co-crea.on?

What is Co-crea.on? A new skill? A new method? A new process? Another name for teamwork? Another name for collaboraKon? Is it consensus building? Focus groups? Decision by commiNee? Or just old wine in a new boNle?

The answer: Its a new pracKce in value creaKon.

The meaning of value and the process of value creaKon are rapidly shiRing from a product- and rm-centric view to personalized consumer experiences. C.K. Prahlad and Venkat Ramaswamy (2004)

Informed, networked, empowered, and acKve consumers are increasingly co-creaKng value with the rm. C.K. Prahlad and Venkat Ramaswamy (2004)

The interacKon between the rm and the consumer is becoming the focus of value creaKon and value extracKon. C.K. Prahlad and Venkat Ramaswamy (2004)

As value shiRs to experiences, the market is becoming a forum for conversaKon and interacKons between consumers, consumer communiKes, and rms. C.K. Prahlad and Venkat Ramaswamy (2004)

C.K. Prahlad and Venkat Ramaswamy (2004)

It is this dialogue, access, transparency, and understanding of risk-benets that is central to the next pracKce in value creaKon. C.K. Prahlad and Venkat Ramaswamy (2004)

C.K. Prahlad and Venkat Ramaswamy (2004)

How Co-crea.on works. Purpose Competencies Challenges Tools

Purpose of Co-CreaKon:

Shared discovery Shared understanding Shared imaginaKon Shared ownership Shared idenKcaKon

Competencies of Co-creaKon:

Living with the quesKon: unresolved, unanswered

Developing and having empathy. Cross-disciplinary communicaKon Having a shared purpose. Having mulKple perspecKves. Developing a shared language. AccommodaKng and living with

opposites. Having respect for the creaKvity

of everyday people.

Challenges of Co-creaKon:

Takes Kme. Aected by and changes in

beliefs, values, and ways of working.

Aected by relaKonships. How people feel and act

together.

Tools of Co-creaKon:

Involve synthesis See connecKons Form categories Expand the boundaries Recognize super structures Use story telling Share vision Share engagement.

Take-Aways Co-creaKon makes innovaKon purposeful: Facilitates greater alignment between concepts and the needs of

various stakeholders.

Creates engagement and ownership, thereby adds momentum to ideas.

Develops greater willingness to share risks and rewards.

Builds moKvaKon and inspiraKon for storytelling.

Increases ROI on innovaKon.