5 ways co-creation ensures long-term success | Fin24
 
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5 ways co-creation ensures long-term success

Aug 05 2015 09:00

THE success or failure of any venture is directly related to the effectiveness of the partnership model established between the internal and external stakeholders.

Overused in almost every context, the meaning of partnership has been diluted to some extent. I use it here to express the strong alignment of interests that is established between the role players, including both formal and implicit partnerships.

Co-creation should form the foundation of your partnership strategy and become the framework to build trust between all role players. It enforces each party to take ownership of their specific area of responsibility with actions fluctuating between support and guidance as the venture unfolds through its lifecycle.

Effectively executed, co-creation drives five key success factors to ensure a venture adapts as required to survive and succeed in the long term.

Here are five key roles identified as a prerequisite in ventures:

1. The Entrepreneurs

Entrepreneurs are the custodians of the idea and the jockeys driving the venture. They ensure efficient use of resources and see to it that all parties contribute and remain aligned. Entrepreneurs need to remain agile, constantly figuring out how to shape and develop their offering.

2. Marketing

Marketers provide direct access to end-users and distribution channels for early validation of the value of the idea and to confirm the timing of the offering.

3. The Development team

The people that develop the product or service offering need to align and adapt with all other stakeholders' understanding of the offering. Without the right people, even the best technology concepts and ideas will fail.

4. Management

Execution is the most important part of strategy and strong management is key to execution. Vital administrative and governance support is important for start-ups. Dropping the ball on financial management, HR management or administration creates distracting crisis's to even the greatest of ventures.

5. Investment

Cash, sweat equity, governance, mentoring and patience will only be possible if the investor is part of the creative process actively contributing to define the ideal business model for the venture. Attracting investment, be it angel, venture or otherwise is about more than money. Securing a large amount of cash early on is the worst thing that can happen to a new venture.

* Eugene Jansen is the CEO of Stone Three Venture Technology.

entrepreneurship
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