Collaborative innovation as the new imperative – design thinking, value co‐creation and the power of “pull”

Purpose This “Masterclass” for corporate leaders aims to explain how to integrate three revolutionary approaches to business innovation to stimulate and propel the creativity that remains latent in and around most organizations. Design/methodology/approach Veteran “Masterclass” author Brian Leavy believes that collaborative innovation is the new corporate imperative and explains how three sets of revolutionary thinking and practices – design thinking, value co‐creation and the power of “pull” – can create new opportunities for businesses. Findings The paper reveals three key lessons: within the world of business, the design perspective is now being applied to a much wider range of challenges beyond the traditional concerns of product aesthetics and ease‐of‐use, including the search for innovative strategies, business models and organizational structures and processes; the core principle of co‐creation is ‘engaging people to create valuable experiences together while enhancing network economics; and organizations need to learn how to “pull” together, and mobilize as needed, the resources to meet the demands of more engaged consumers, responsively and flexibly as they unfold. Practical implications Instead of thinking about “what to build,” prototyping is about “building in order to think,” and the prototyping process itself “creates the opportunity to discover new and better ideas at minimal cost.” Originality/value This “Masterclass” offers leaders a lesson on how three revolutionary ideas about business innovation complement each other.