Co-creation: The key to valuation creation in the digital economy
By Michael Lake, CEO of Leading Cities
To unlock the true value of the digital economy, each piece will need to work togeth- er in collaboration with others to complete the puzzle. Co-creation is the means by which collaboration unlocks the economic, sociologic and ecologic opportunities created by the technologies and innovations within the digital world. Co-creation is a collaborative model engaging stakeholders in the process of improving products, processes and outcomes, whether in the private, public or any other sector. This powerful model is the key to both city success as well as the success of the digital economy. The importance of collaboration in the digital economy starts right at the beginning—the formation of new digital companies. But, future success of digital technologies and the economy at-large, will be the effectiveness with which digital companies understand, embrace and engage in the complex ecosystem of cities. Like all startups, digital companies face certain capital challenges: human capital and investment capital. However, digital companies operating in the Smart City space face two additional capital challenges: political capital and city capital.
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