This chapter introduces the idea of accessing new resources by collaborative interaction with stakeholders to optimize the value chain and product development process. It is acknowledged that Creating Shared Value (CSV) could be a value driver by revisiting the supply chain (Porter & Kramer, 2011); however, in a world of scarce and often inaccessible resources, wastage is becoming increasingly detrimental. With project expenditure rising (PMI, 2012) and continuing high rates of failure (Balogun & Hope Hailey, 2008; Langley, 2014) small and medium sized businesses (SMEs) could find themselves in a position where crucial innovation becomes unaffordable and non-achievable. It is suggested that utilizing ‘the crowd', pragmatically incorporating collaborative engagement with stakeholders, could not only alleviate this problem but increase project success rates, lower costs and allow SMEs to fulfil social responsibilities with CSV.
TopBackground
Since its inception CSV has been branded as a way to reconnect companies detached from society, creating value for owners by addressing societal challenges and therefore going beyond the narrow concept of shareholder value (Porter & Kramer, 2011). One of its accepted definitions suggests redefining productivity in the value chain and to rethink products and markets, highlighting innovation as a core advantage the business should strive to achieve in the competition (Porter & Kramer, 2011, p. 65). Although arguably market mandate, SMEs as the pillars of the economy (European Commission, 2013; Lukács, 2005; US Census Bureau, 2008) could be increasingly at a disadvantage.
While innovation is crucial (esp. Andrew, Manget, Michael, Taylor, & Zablit, 2010; Bayus, 2013; Jaruzelski & Dehoff, 2010), particularly the development of new products (R&D), it also requires capacities already in short supply and more often than not already occupied conducting daily operations or fulfilling administrative requirements (e.g. Nooteboom, 1993, 1994). At the same time success rates of projects remain low (Langley, 2014; Serra & Kunc, 2015). Though additional resources seem to be unavailable in the classical sense, there could be new approaches that could potentially prove beneficial for all aforementioned issues.