In his TED talk about Crowd Accelerated Innovation, Chris Anderson (of TED, not Wired) makes an analogy of web video to the Gutenberg press – the changes he points to go far beyond the revolution in businesses to point out the potential for education and to the groundswell of social innovation. The last few minutes can bring tears to your eyes.
They have been at the forefront in customer experience innovation for years, I’m looking forward to hearing their approach co-creation – Matthew Guiste from Starbucks to share their initiatives in co-creation Sept. 21 in Copenhagen.
In 2008 McKinsey Quarterly published the article “The next step in open innovation,” mentioning distributed co-creation for the first time but concluded it was to early to predict what the outcome of this new business strategy would be. Then last week McKinsey Quarterly published an article about ‘Ten tech-enabled business trends to watch’. The first business trend they described was ‘Distributed co-creation moves into the mainstream’. (more…)
For a long time I have been interested in what happens with the cost structure of new product development when you start involving users in the innovation process. For the last decade research has pointed out that traditional NPD is becoming more expensive because of:
- Increasing investments in NPD of overall budget
- Increasing NPD cost per product
- Decreasing NPD cycle time
- Increasing NDP failure rate
In order to reduce risk and increase sales, companies often choose products aimed at a segment’s lowest common denominator, which results in a poor fit between consumer preferences and products and lately we have seen several examples of adverse consumer reaction to mass market products. (more…)
I’ve been looking into what changes in technology, and society have come together to make dispersed, global co-creation a huge trend in business and market strategies. Dr Sudhanshu Rai has posted a great historical analysis of the history of collaborative ways of working internationally with Indian partners at http://barha.asiaportal.info/blogs/in-focus/2010/june/be-reminded-it-co-creation-we-should-understand. He outlines four phases: ‘Y2K,’ ‘Bodyshopping,’ ‘Outsourcing,’ and ‘Co-creation’ as the final, and next stage. The first stage, Y2K, sent India into an international arena at a speed that had not been seen before, it must have been stunning from the front lines. (more…)