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Co-Create and Offer: A Business Model with Abundant Opportunities

From Brick and Mortar to Click and Order, the transition in business thinking and opportunity capitalization has been swift and impressive. If that was not enough, the onset of social media revolution is making organizations rethink their business strategies and embrace new ways of interacting with their customers and capitalize on opportunities these interactions present.

Co-create and Offer is an emerging business model that embodies an approach to leverage upon the intellect and wisdom of everyone that matters in creating new ideas, products and services, and offering these (creations) for commercial purposes. The core of this new model is the co-creation capabilities of a large pool of individuals within a particular ecosystem.

Co-create and offer seems to draw its essence from service-dominant logic, where parties engage in an interdependent exchange of benefits to create value for one and another in the process.

Given the wide and varied involvement of individuals and the flexibility the model entails, it is imperative that co-creation efforts should be managed in some way so that they remain result-oriented.

As in the case of fresh water in rivers, if it is not managed effectively and utilized in a timely manner it could ultimately flow into the sea resulting in its possible wastage. The co-creation efforts face a similar dilemma. They need to be managed in some systematic way and enveloped in a structure to achieve the maximum benefits of the wisdom and knowledge available at a wider scale among the communities.

With that in mind, we believe that the Co-create and Offer business model can be operationalized in at least two ways:

  1. Traditional organizations using Co-create and Offer business model

Organizations are inherently bottom-line driven entities. Therefore, while they are keen on tapping into a larger pool of wisdom to enhance their innovation and organizational capabilities, they also need to ensure that they maximize the value and stay in control of the operationalization and outcome parts of co-creation efforts.

Project management, therefore, can serve as a vehicle to help organizations plan, deploy and benefit from Co-create and offer projects. We discuss some of these possibilities as below.

  1. Freelance use of Co-create and Offer business model by a pool of individuals forming an organic organization for the venture purposes.

The freelance use of the Co-create and Offer business model would necessitate the formation of an organic and adhoc organization to successfully deploy and execute co-creation projects. Project management being the ad-hoc system of activities has a natural role to play. We discuss some of the possibilities below.

  1. The loose nature of freelance-based Co-create and Offer organizations would require an understanding of their capacities to deliver. Project management skills will be critical to identify availability and gaps in resources to initiate Co-create and Offer projects in such organizations.
  2. Project management will provide the necessary adhoc platform to form teams of disparate individuals with matching co-creation to commercialization interests to come together to start the Co-create and Offer project.
  3. Project management will provide key skills in controlling the project work which will be significant given the fragile team structure of freelance Co-create and Offer projects.
  4. The project management embodying the knowledge in scope, time, cost, risk, quality, procurement, stakeholder, and communication management will give a head start to Co-create and Offer project teams on initiating projects as they could always fall back any time to use such knowledge or use it as a point of reference for planning, execution and controlling the projects.

Concluding thoughts:

Co-creation is at the centerpiece of the latest business eco-system changes leading to the emergence of a Co-create and Offer business model. The organic nature of teams that involve in Co-create and Offer projects require a system that provides semblance and serves as the foundation platform. Project management knowledge geared at adhoc systems seems natural to provide solutions for the birth and growth of Co-create and Offer projects.

What do you think about the viability of the Co-create and Offer business model?

Jiwat Ram
Jiwat Ramhttps://pmknowhow.wordpress.com/
Jiwat is currently working as a Professor in Project management at Excelia Business School France. He did his Ph.D. from the University of South Australia and MBA in International Business from AIT Thailand. Jiwat has over 20 years experience of working in industry across banking, construction, service, and education sectors in an international setting. For the last more than 10 years, Jiwat has worked in academia teaching at Executive Education, Master’s, and bachelor’s levels. His teaching includes courses on Artificial Intelligence, project management, management, and research methodology. Jiwat has published his research work in top-tier, high-impact factor journals including the International Journal of Production Economics, the International Journal of Project Management, Computers in Human Behaviour, the Journal of Global Information Management, and Enterprise Information Systems, among others. Combining academic and non-academic work, he has published over 100 articles in journals, conferences and industry outlets. His published work has been well received and four of his published papers have ranked in the Top 25 most downloaded papers from ScienceDirect. His two papers have been ranked in the Top 25 Most Cited articles as well. Jiwat’s research is focused on the impacts of technologies such as Social Media, Big Data, and Artificial Intelligence on businesses and society. Jiwat likes to understand how we can leverage upon the use of innovative technologies for business growth and productivity. Jiwat regularly contributes towards the development of new thought and ideas in business and technology management. As such, he has a growing portfolio of publications on some of the contemporary issues in the management of projects and organizations. Jiwat also publishes his work on social media platform Linkedin to connect and reach out to other industry professionals. His work has received a good following with a significant number of posts cited as reaching top 1% engagement on Linkedin. Jiwat’s content on LinkedIn can be accessed at: #ideannovation_jiwat Please feel free to connect with Jiwat on LinkedIn by clicking on the Icon above.

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