How to build an open innovation ecosystem

To survive and thrive in a highly competitive market, organizations must build shared-value ecosystems through co-creation. Open innovation ecosystems of shared value involve collaboration between customers, competitors, collaborators, complementors, and other categories to create a shared vision of goals and objectives. Potential benefits include compensating for weaknesses, enhancing strengths, and achieving long-term orientation. Building an ecosystem requires evaluating innovation culture, defining the structure for collaboration, polishing processes, and developing metrics for co-creation. The process must be introduced step by step, beginning with informal coordination activities and leading to defined metrics, IT systems, and customer- and collaborator-focused decision making.