Co-creation of Innovation with Users: The Role of Communities in Product Development

Abstract

In today`s continuously evolving business environment, a determining factor of competitive advantage is innovation. Traditional innovation models, based on internal research and development, are increasingly being replaced by collaborative methods with the external environment, involving users and external consumers. The concept of co-creation has gained major importance as more and more companies have understood the value and necessity of involving customers in the innovation process. This shift reflects a profound transformation of the relational capital between customers and companies, moving from a simple transaction to a partnership-based level. This research analyzes the role and manner in which communities engage in the essential stages of the innovation process, demonstrating how this collaboration contributes to sustainable development by reducing resource waste and creating products with a longer life cycle, tailored to the real needs of consumers. Also, the research provides concrete examples of global companies successfully utilizing this strategy. CZU: [005.591.6:658.512.2]:658.89; JEL: O31, O33, M31