Creating Harmony: Harnessing Stakeholders to Boost Innovation

Collaborative innovation and co-creation between stakeholders can deliver value for businesses. Collaborative innovation can be defined as: “Working with others, sharing knowledge and learning, and building consensus to invent something new or create a new way of doing something, with a view to realizing shared goals.” Benefits include more – and better – ideas, reduced risk, increased quality and speed to market, reduced costs, new skills and resources, an enhanced brand, and the ability to create value for the common good.