Economy & Business, Volume 10, 2016

Abstract: The aim of this paper is to analyze the tight relationship between innovations and co-creation and their contribution for sustainable development of businesses in a competitive global environment. The analysis provides a literature review of the main principles of innovations, innovation management and co-creation. In addition, the paper highlights the necessity for transformation of business practices towards sustainability through implementing innovations. The role of co-creation is discussed in light of the process of developing customer value and improving overall business performance.