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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."
Venkat Ramaswamy and Kerimcan Ozcan. 2014. The Co-Creation Paradigm.
Redwood City: Stanford University Press.
Learn more: Co-Creation Thinking and Co-Creative Enterprise Transformation.
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“We are no longer in an information age. We are in an age of networked intelligence. The Internet gives us access not only to information, but also to the wisdom of people around the world. In this environment, trying to create value in isolation isn’t sustainable. Porous organizations outperform those that are insular. And, companies co-create maximum value through creative collaboration with customers, business partners, employees, citizens, and other stakeholders. Ramaswamy and Ozcan provide guidelines for and rich examples of this new normal.”
—Don Tapscott
Co-author of Macrowikinomics
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“In the decade since co-creation was mooted, technological platforms have enabled human engagement at deeper levels and on an infinitely broader scale. As a consequence, businesses can and must expand their strategies to encompass a profitable engagement with all stakeholders. The powerful idea that "we can do even better for ourselves, if we do well for others" encompasses the way that successful organizations will contribute to wealth, welfare, and wellbeing in society. The Co-Creation Paradigm is a beacon for this new way of doing business.”
—Anand Mahindra
Chairman and Managing Director
Mahindra and Mahindra
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"Building collective knowledge with stakeholders is no longer a privilege, but a must for organizations to survive in complex environments. The Co-Creation Paradigm presents the foundation for this thinking, and the concepts and tools to make it happen. Working co-creatively with the Brazilian public sector has showed me this is the only way forward."
— Paulo Fresneda
Advisor to the President,
Brazilian Agricultural Research Corporation
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"As a sequel to The Future of Competition and The Power of
Co-Creation, Venkat Ramaswamy and co-author Kerimcan Ozcan provide a compelling case of how companies who engage customers and develop an ecosystem of capabilities transform value creation in R&D, supply chains, and marketing to create sustainable competitive advantage."
— Jagdish N. Sheth
Charles Kellstadt Professor of Marketing,
Emory University
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"Creating and maintaining a competitive advantage is a race towards an ever moving target. Co-creation is the latest lever to get ahead by involving business partners, directly drawing upon their skills and efforts. Doing this requires a new business paradigm, which is well captured in Ramaswamy and Ozcan's practical and inspiring book."
— Hans Læssøe
Senior Director, Strategic Risk Management,
The LEGO Group
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"Co-creation is possibly the fastest growing innovation phenomena of our time. Recognizing, appreciating, and participating in it is no longer optional. This book is replete with references, insights, and illustrations that provide an exceptional breadth and depth of understanding of the
constructs that underlie the co-creative process."
— Bill Fischer
Professor of Innovation Management,
IMD, Lausanne, Switzerland
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"A stimulating look around the corner that reveals how network interactivity is transforming organizations and engaging customers. Readers will be challenged to rethink the very meaning of value, realized through intense and rewarding experiences."
—George S. Day
Geoffrey T. Boisi Professor and Co-Director of the Mack Center for Technological Innovation,
The Wharton School of the University of Pennsylvania
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“The Co-creation Paradigm represents the next wave of strategic marketing and management. We need to train our students and re-train our executives to think in terms of co-creation and platform building. Inviting all stakeholders to co-create our business will lead to competitive insights and advantages that are unimaginable in traditional companies.”
—Philip Kotler
S.C. Johnson & Son Distinguished Professor of International Marketing,
Kellogg Graduate School of Management,
Northwestern University
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"Firms are no longer the center of value creation, which now pivots around the human experience, interactions, and platforms of engagement. The Co-Creation Paradigm is a multi-layered view of strategy that opens up new insights and points toward profits that are not attainable using conventional tools."
—Venki Rajah
Vice President of Infrastructure Insight,
Oracle Corporation
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“Patients nowadays are connected and networked in ways that were unthinkable a decade ago. Allowing the patient to co-construct medical solutions to suit their conditions, symptoms, level of comfort, and experience with specific medications should be the aspiration of every pharmaceutical company. Yet, health systems and authorities need a roadmap for co-creating value. Venkat Ramaswamy and Kerimcan Ozcan show us the way.”
—Humberto C. Antunes
President and CEO,
Galderma S. A.
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"In the last decade, we began to recognize that firm-centric organizations are losing ground, and a new way of co-creating value is taking hold. Paradigm shifts are necessarily slow revolutions. But, this book neatly synthesizes all that we know today about co-creation, while showing the way forward in the next generation of value creation. Whether you want to build a co-creative enterprise, or are intellectually curious about the shifting world of business, this book is for you."
—S. Sivakumar
Group Head - Agri & IT Businesses
ITC Limited
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"The Co-Creation Paradigm is an important read for those who are interested in the consequences of co-creation. It shows how co-creation is changing the agenda for how to run our organizations—which deeply involves how we relate to other organizations, groups, and customers. The authors provide compelling cases and examples throughout that highlight pertinent concerns for practitioners and academics alike."
—Rex Degnegaard
Copenhagen Business School
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Venkat Ramaswamy and Francis Gouillart. 2010. The Power of Co-Creation: Build It With Them to Boost Productivity, Growth, and Profits. New York: Simon & Schuster Free Press.
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Simon & Schuster Free Press Video on The Power of Co-Creation.
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Launch of the book “The Power of Co-Creation” in Delhi, India by Narayana Murthy.
Coverage in CNBC-TV18.
Thanks to M. S. Krishnan.
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Internal launch event at Infosys campus, Bangalore.
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Soft launch of the book “The Power of Co-Creation” in Chennai, India by Lakshmi Narayanan, Cognizant and Preetha Reddy, Apollo Hospitals.
A very special thanks to Gopal Srinivasan for organizing and supporting this event.
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Tweet from Tom Peters after reading The Power of Co-Creation.
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“Interconnectedness has changed everything, and for companies that are looking to leverage discontinuities for profit, The Power of Co-Creation is a must read. It sets out how the idea of co-creation can be implemented in every sphere, and the magic that comes out in moving from a firm-centric to a people-centric mindset, Successfully implementing “innovation by everybody” works wonders for all stakeholders.”
—Anand Mahindra
Chairman and Managing Director
Mahindra and Mahindra
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“At a time when the technologies of the internet are making entirely new forms of collaboration possible we need maps and guidebooks to help us make sense of the bewildering opportunities. Venkat Ramaswamy and Francis Gouillart have created just such a guidebook. They have charted the unknown territory of large scale co-creation with great thoroughness and imagination. I recommend taking it along on any journeys of co-creation you plan for your organization.”
—Tim Brown
CEO, IDEO
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“At LEGO, we stumbled across the phenomenon of co-creation which is becoming a major innovation practice. The Power of Co-Creation provides many examples and guidance to gain a better appreciation of technique and touch, and a mindset that is crucial for successful co-creation. As we have learned, co-creation is not about just "following rules". Personal engagement is essential. ”
—Jørgen Vig Knudstorp
CEO, LEGO
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“Inside the heart of every consumer lies a swirling cauldron of needs, wants, and desires that until now have been opaquely shielded from human understanding. The brilliant ideas unleashed by The Power of Co-Creation are nothing short of the proverbial keys to the kingdom, granting aspiring co-creationists a new center-of-gravity interface for triangulating communications between a company, its products, and its customers.”
—Thomas Frey
Futurist,
Da Vinci Institute
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“The Power of Co-Creation builds a compelling case for how and why many successful companies have changed their focus -- not just reaching audiences, but building constituency. As the authors note, this concept is not limited to engaging with customers. It gets to how any organization establishes shared attraction through shared values. In doing so, it builds not just common ground, but a deeper, enduring, widely shared idea on which to build a great enterprise."
—Jon Iwata
Senior Vice President,
IBM Marketing and Communications
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“Thanks to reduced communication cost and increased connectivity, it is now possible to take the old virtues of “listening to your customer carefully” and turn value creation into a much more dynamic, iterative and bottom-up process. It is this "co-creative" transformation that Venkat Ramaswamy and Francis Gouillart elaborate and illustrate in The Power of Co-Creation. An enlightening read for business owners in the new, socially-networked millennium.”
—N. R. Narayana Murthy
Chairman and Chief Mentor,
Infosys
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“The Power of Co-Creation demonstrates the new paradigm of strategy which is essential for business innovation regardless of industry. Our corporate motto “At your side” can only become a reality if we “co-create” value with our stakeholders.”
—Shunsuke Katayama
CEO, Brother Sales, Japan
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"About half of our strategic initiatives at HMV now come from a co-creation process of interactions with our key stakeholders -- patients and their families, physicians and nurses, our employees, business enterprises, and the health insurance companies. The Power of Co-Creation expounds a transformational journey in multi-stakeholder engagement that will shape our future.”
—Dr. João Polanczyk
CEO, Hospital Moinhos de Vento (Brazil)
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"Co-creation as a concept caught the imagination of managers since the time Future of Competition was published. It's now set to become a popular movement with a "ready-to-roll" execution framework so lucidly detailed in this book, laced with so many live examples. Convergence of public, private and social sectors through the idea of multi-level engagement platforms has the power to actually co-create a new world order!”
—S. Sivakumar
Chief Executive - Agri Businesses
ITC Limited
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Prahalad, C. K., and Venkat Ramaswamy. 2004. The Future of Competition: Co-Creating Unique Value with Customers. Boston: Harvard Business School Press.
Release of a “visionary book” The Future of Competition on the revolutionary concept of co-creation (Harvard Business School Press).
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Eight episode TV series, together with C. K. Prahalad, and anchor Ashu Dutt, based on The Future of Competition (HBS Press, 2004).
Thanks to Subha Chatterjee.
Buy Video set
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BusinessWeek
To respond to forces that are shaping consumer behavior, corporations may need to partner with their customers, say C.K. Prahalad and Venkat Ramaswamy in The Future of Competition: Co-Creating Unique Value with Customers (Harvard Business School Press). Only by letting individual corporate customers and consumers fashion products and services will business leaders escape the trap in which their products' only distinction is price, say the two professors at the University of Michigan Business School.
Reviewer Steve Hamm found that the "provocative" book lays out "how to change organizational behavior to make co-creation natural rather than an isolated, heroic act." The authors have sweeping change in mind: Alterations must be made to every corporate function, from product development to sales and marketing. Indeed, what the duo contemplates is nothing less than the democratization of commerce.
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In an excellent new book, The Future of Competition: Co-Creating Unique Value with Customers, authors C.K. Prahalad and Venkat Ramaswamy describe the consumer's new role: "from isolated to connected, from unaware to informed, from passive to active." In the bottom-up economy, presuming you know what the customer wants is the ultimate error. Prahalad and Ramaswamy instead call for "co-creation of value": The successful products and services from now on will be those developed jointly -- company and customer working hand in hand.
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Prahalad and Ramaswamy demonstrate that personalized experiences are created through the interaction of companies and customers: More-active customers and less-in-control companies “co-create” value, making customers a full element of the business model.
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Book Excerpt of The Future Of Competition in CIO Magazine.
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Synopsis of The Future of Competition book.View/DownloadTags: The_Future_of_Competition
Engaged with Business Today editors and journalists on “The Future of Competition”, together with C. K. Prahalad.
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“Few thinkers have sensed and shaped emerging trends in strategy more successfully than C. K. Prahalad. Yet, ideas like ‘strategic intent’ and ‘core competencies’ may prove to be precursors to his most important contribution, in collaboration with Venkat Ramaswamy--rethinking the nature of competition itself in the age of global networks.
The shift in power from businesses that determine what customers need and then manipulate demand to meet their offerings to networks of customers and producers who jointly create value may be the defining shift in market structure in the first part of the twenty-first century.
As usual, C. K. Prahalad, along with co-author Venkat Ramaswamy, has gotten there first and offered the first guide for navigating the ‘decentered’ value creation processes of the future.”
—Peter Senge
Founding Chair of the Society for Organizational Learning,
Senior Lecturer, Leadership and Sustainability, MIT
Author, The Fifth Discipline
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“The Future of Competition is a stimulating antidote for those locked into product-centered thinking. Customers have both the motivation and teh emans for taking more control over their interactions with you. These informed, connected, and active participants in the value creation process will surely reshape markets. This book anticipates and navigates that transition.”
—George S. Day
Geoffrey T. Boisi Professor and Co-Director of the Mack Center for Technological Innovation,
The Wharton School of the University of Pennsylvania
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Japanese Edition of The Future of Competition. 
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Chinese Edition of The Future of Competition. 
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German Edition of The Future of Competition. 
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Spanish Edition of The Future of Competition. 
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Portuguese Edition of The Future of Competition. 
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Italian Edition of The Future of Competition. 
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Dutch Edition of The Future of Competition. 
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Czech Edition of The Future of Competition. 
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