Rule #1: value co-creation starts with a firm level innovation culture

Azad Singh Bali, Peter McKiernan, Christopher Vas, Peter Waring

    Research output: Contribution to conferencePaper

    Abstract

    At the firm level, what facilitates co-creation of value? This paper reflects on the theoretical literature on value co-creation and makes the argument that a strong firm-level innovation culture is an essential prerequisite to co-creating value between firms and customers. This study reports the results of a benchmarking exercise of firm-level innovation practices in a representative sample of 215 manufacturing SMEs across 6 industrial sub-sectors in Singapore. Singapore is undergoing sweeping economic reforms aimed at reenergizing the manufacturing sector, improving productivity, fostering collaborations and innovation in creating value. The government’s efforts in Singapore to incentivize firms to collaborate with external stakeholders and co-create value is largely encumbered by firm-level characteristics (poor communication, limited empowerment, lack of collaboration, top-down approaches, limited appetite for risk and failure) and other attributes that do not facilitate innovation, collaboration, and co-creation of value. Our findings are a lesson in caution, and the limited efficacy of the role of incentives to improve collaboration and the creation of value, in the absence of a culture that facilitates innovation.

    Conference

    ConferenceR&D Management Conference Pisa 2015
    CountryItaly
    CityPisa
    Period23/06/1526/06/15

    Fingerprint

    Value co-creation
    Innovation
    Innovation culture
    Singapore
    Co-creation of value
    Manufacturing sector
    Small and medium-sized enterprises
    Communication
    Empowerment
    Incentives
    Benchmarking
    Efficacy
    Government
    Economic reform
    Stakeholders
    Productivity
    Customer value
    Firm value
    Top-down approach
    Manufacturing

    Keywords

    • value co-creation
    • firm-level
    • innovation culture
    • benchmarking

    Cite this

    Bali, A. S., McKiernan, P., Vas, C., & Waring, P. (2015). Rule #1: value co-creation starts with a firm level innovation culture. Paper presented at R&D Management Conference Pisa 2015, Pisa, Italy.
    Bali, Azad Singh ; McKiernan, Peter ; Vas, Christopher ; Waring, Peter. / Rule #1 : value co-creation starts with a firm level innovation culture. Paper presented at R&D Management Conference Pisa 2015, Pisa, Italy.
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    abstract = "At the firm level, what facilitates co-creation of value? This paper reflects on the theoretical literature on value co-creation and makes the argument that a strong firm-level innovation culture is an essential prerequisite to co-creating value between firms and customers. This study reports the results of a benchmarking exercise of firm-level innovation practices in a representative sample of 215 manufacturing SMEs across 6 industrial sub-sectors in Singapore. Singapore is undergoing sweeping economic reforms aimed at reenergizing the manufacturing sector, improving productivity, fostering collaborations and innovation in creating value. The government’s efforts in Singapore to incentivize firms to collaborate with external stakeholders and co-create value is largely encumbered by firm-level characteristics (poor communication, limited empowerment, lack of collaboration, top-down approaches, limited appetite for risk and failure) and other attributes that do not facilitate innovation, collaboration, and co-creation of value. Our findings are a lesson in caution, and the limited efficacy of the role of incentives to improve collaboration and the creation of value, in the absence of a culture that facilitates innovation.",
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    Bali, AS, McKiernan, P, Vas, C & Waring, P 2015, 'Rule #1: value co-creation starts with a firm level innovation culture' Paper presented at R&D Management Conference Pisa 2015, Pisa, Italy, 23/06/15 - 26/06/15, .

    Rule #1 : value co-creation starts with a firm level innovation culture. / Bali, Azad Singh; McKiernan, Peter; Vas, Christopher; Waring, Peter.

    2015. Paper presented at R&D Management Conference Pisa 2015, Pisa, Italy.

    Research output: Contribution to conferencePaper

    TY - CONF

    T1 - Rule #1

    T2 - value co-creation starts with a firm level innovation culture

    AU - Bali, Azad Singh

    AU - McKiernan, Peter

    AU - Vas, Christopher

    AU - Waring, Peter

    PY - 2015/6/23

    Y1 - 2015/6/23

    N2 - At the firm level, what facilitates co-creation of value? This paper reflects on the theoretical literature on value co-creation and makes the argument that a strong firm-level innovation culture is an essential prerequisite to co-creating value between firms and customers. This study reports the results of a benchmarking exercise of firm-level innovation practices in a representative sample of 215 manufacturing SMEs across 6 industrial sub-sectors in Singapore. Singapore is undergoing sweeping economic reforms aimed at reenergizing the manufacturing sector, improving productivity, fostering collaborations and innovation in creating value. The government’s efforts in Singapore to incentivize firms to collaborate with external stakeholders and co-create value is largely encumbered by firm-level characteristics (poor communication, limited empowerment, lack of collaboration, top-down approaches, limited appetite for risk and failure) and other attributes that do not facilitate innovation, collaboration, and co-creation of value. Our findings are a lesson in caution, and the limited efficacy of the role of incentives to improve collaboration and the creation of value, in the absence of a culture that facilitates innovation.

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    KW - value co-creation

    KW - firm-level

    KW - innovation culture

    KW - benchmarking

    UR - http://www.rnd2015.sssup.it/

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    Bali AS, McKiernan P, Vas C, Waring P. Rule #1: value co-creation starts with a firm level innovation culture. 2015. Paper presented at R&D Management Conference Pisa 2015, Pisa, Italy.