November 18, 2011
In many markets, innovation is shifting from product-centric approaches to a more personalized, co-creating approach involving close collaboration between companies and their customers. This important change in focus is enabled by networking technologies and has much potential to be extended beyond customers to encompass suppliers, partners and other market participants. To do this well, however, will require new skills, flexible processes and an expanded eco-system view of innovation partners.
Furthermore, why limit collaborative approaches to market players only? The logic of co-creation can also be applied to non-market players since they often set the context, ground-rules, incentives and constraints for the innovation process. Non-market players include government policymakers, legislators, regulators, standards setters, and even media or society at large. The non-market side of the innovation equation usually gets less strategic attention than is warranted.
Our 2011 Fall Conference helped senior managers assess their progress in co-creating innovation with customers, and then explored next practices in this domain by expanding co-creation to all stakeholders, including non-market players. We examined what the keys are to success and the risks looming in the shadows? Which companies use co-creation well and why does this approach work better in some companies, markets, industries, and countries than others? While we focus on the corporate side of co-creation, are there lessons for governments and NGOs that could lead to win-win collaborations?
8:00 am – 8:30 am – BREAKFAST & NETWORKING
8:30 am – 10:00 am – SETTING THE STAGE: INNOVATION THROUGH CO-CREATION
Introduction: Co-Creation as Source for Innovation
Co-Director, Mack Center for Technological Innovation; Vice Dean, Global Initiatives; and Mack Professor of Management, The Wharton School
The Power of Co-Creation
Professor, Ross School of Business, University of Michigan
Co-creation can be implemented in every sphere. Successfully implementing “innovation by everybody” can improve the process for all stakeholders. Organizations can establish shared attraction through shared values and in doing so, they build not just common ground, but a deeper, enduring, widely shared idea on which to build a great enterprise.
Co-Creating for Influence and Competitive Advantage
Deloitte & Touche Associate Professor of Management in Honor of Russell E. Palmer, former Managing Partner, The Wharton School
Companies in advanced life sciences, information technology and many other industries are increasingly engaged in influence campaigns to shift the way they are perceived by customers, suppliers, government officials and even the public. Such efforts require new data, frameworks and decision systems to excel at the certain gamesmanship of influence. Successful implementation can lead to new business opportunities, particularly in the forms of non-market benefits such as the limitation of delays and disruptions to a project, the burnishing of corporate reputations or the bending and blunting of competitive initiatives.
CEO & Founder, Playmaker Systems, LLC
10:00 am – 10:30 am – NETWORKING BREAK
10:30 am – 12:00 pm – CO-CREATION OF INNOVATION IN THE BIOSCIENCES
Creation Capacity: Integrating Resources in the Academic-Industrial Complex
Managing Director, Office of Corporate Alliances, Perelman School of Medicine at the University of Pennsylvania
Co-Creation Means Value Creation
Senior Fellow, The Mack Center for Technological Innovation, The Wharton School; Founder & President DZA Inc.; Former SVP & Head Portfolio Management/Global Scientific Strategy, Merck & Co., Inc. & Head, Global Exploration Planning & Portfolio, Royal Dutch Shell
Co-creation – defined as a close collaboration between companies and their customers-involves re-thinking the business model and is in need of a robust definition of value beyond profit. The ecosystem of bio-innovation is both complex and emotional, the trust amongst players is low, and global uncertainties have reached a critical level. In the face of all these challenges, the drug development space of clinical proof of concept (Phase I/II) represents a unique environment to demonstrate the value of co-creation, a sweet spot. Arch2POCM, a public private partnership and a pioneer in co-creation, provides a vision for a possible future drug development business model.
12:00 pm – 1:00 pm – LUNCH
1:00 pm – 2:30 pm – CO-CREATION IN PRACTICE
President, Teradata Labs
Co-Creating IT/Data Mining Solutions with Global Enterprise Customers
Advances in the ability to collect, evaluate and interpret data has enabled firms to tap into the knowledge, preferences and intent of customers and other stakeholders, which is leading to a new era of co-creation. The next wave of open innovation will be based on deeper, more relevant data and faster decision makers. Teradata, a market leader and pioneer in advanced data analytics and warehousing, shares the company’s experience and insights.
Challenges of Co-Creation
InnoCentive discussed working with a community of millions of problem solvers through the co-creation process and cloud-based technology platform to fundamentally transform the economics of innovation and R&D through rapid solution delivery and the development of sustainable open innovation programs.
2:30 pm – 2:45 pm – BREAK
2:45 pm – 4:00 pm – PANEL: MANAGING THE CO-CREATION PROCESS PROACTIVELY
Paul Schoemaker (Moderator)
Research Director, Mack Center for Technological Innovation; Adjunct Professor of Marketing, The Wharton School; and Chairman, Decision Strategies International
Department of Homeland Security – Chief Commercialization Officer and Senior Counselor to the Under Secretary for Science & Technology
Tara L. Rachinsky
Attorney at Law, Intellectual Property Department, Fox Rothschild LLP
President, Chief Strategy Officer, Mobiquity
Associate Professor of Legal Studies and Business Ethics, The Wharton School
4:00 pm – CLOSING REMARKS & ADJOURN