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In our latest webinar, The Limits, Fads and Value of Co-creation, our expert panel discussed co-creation, a term that is quickly gaining traction among researchers and marketers.

How is co-creation different from crowdsourcing? What are the advantages and limits of co-creation, and when is it best to use product innovation tools? The webinar covered many facets of the practice, and our panel analyzed both the good and bad.

Here are three key takeaways from our webinar on co-creation:

  1. Look outside the business for product inspiration.

Talking about talent development, Bill Joy, founder of Sun Microsystems, once said, "There are always more smart people outside your company than within it."

This quote emphasizes the importance of involving people outside of your own four walls: Rather than guessing what your customers want, ask them to directly develop a product that they would want to buy.

Vision Critical IdeaHub Team Lead, Stephen Benson, explained during the webinar how the Internet and the age of the consumer have enabled businesses to tap into the collective knowledge of people outside their internal R&D department to gather inspiration for product ideas. Although internal R&D departments are catalysts to great ideas, the value of their ideas can be amplified once businesses step outside of their organizational bubble and tap into the intellectual capital of customers through co-creation.

Tweet this: Step outside the organizational bubble and tap into the intellectual capital of #customers through #cocreation:

  1. Use co-creation to take crowdsourcing to the next level.

At their core, both co-creation and crowdsourcing are collaborative methods of seeking ideas and feedback from a group of people. But there is one underlying disparity between the two: With co-creation, only specific segments of people or customers are funneled into the ideation process, whereas crowdsourcing opens the process to anyone who wants to participate.

"Co-creation is letting in the right people who are coming in for the right challenges at the right time," Stephen reiterated during the webinar. To some extent, co-creation is the new crowdsourcing since it is more streamlined and structured.

Tweet this: #Cocreation is letting in the right people that come in for the right challenges at the right time:

  1. Determine if co-creation is appropriate your situation.

Certain innovation activities lend themselves to co-creation, while others are best approached using other methods.

"Co-creation is not great for early radical changes or if you don't have ample time," said Vision Critical University Director Ray Poynter about the limits of co-creation. It takes less time to generate ideas through co-creation compared to conventional methods such as going to the R&D team. But businesses can't expect to extract ideas instantaneously. Customers need time to generate ideas, refine the top ones, and finally select the final product or idea. Co-creation happens quickly, but it doesn't happen overnight.

Tweet this: #Cocreation reduces R&D time, but businesses need to be wary that it is not an overnight solution: #mrx #newMR

Watch the full webinar here, if you haven't already. And if you're thinking of using co-creation for your business, we encourage you to look into as IdeaHub, which has the ability to gather customer ideas and turn them into reality.

Webinar featured experts
The webinar panel featured experts from the market research industry, including GreenBook Editor-in-Chief Leonard Murphy, Vision Critical University Director Ray Poynter, Vision Critical Chief Research Officer Andrew Grenville, and Vision Critical IdeaHub Team Lead Stephen Benson.
Re-imagining research: 10 golden tips for the modern researcher

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