Co-Innovate refers to the collaborative process in which two or more parties, such as businesses, organizations, or individuals, work together to develop innovative solutions, products, or services. This joint effort leverages shared expertise, resources, and insights to achieve mutually beneficial outcomes.
This involves:
- Sharing knowledge, ideas, and unique perspectives
- Aligning on goals, roles, and responsibilities
- Utilizing iterative processes like brainstorming, prototyping, or testing
In practice, co-innovation often takes place between companies and their partners, customers, or even competitors to address complex challenges or unmet needs. For example, a tech company might co-innovate with environmental organizations to create sustainable technologies.
Co-innovation is important because it accelerates problem-solving, reduces development costs, and creates solutions with greater market relevance. By fostering collaboration, it enhances innovation capacity, strengthens partnerships, and drives competitive advantage, benefiting all parties involved.
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Case Study
Manufacturing: Danby Accelerating Performance with SPIFFs
Appliances manufacturer Danby was looking to motivate its sales ecosystem in a meaningful way.
Together with 360insights, a channel strategy was developed and the right tactics were identified that would amplify their sales operations throughout their complex sales ecosystem, along with ways to maximize revenue and create connections between their channel and brand.
Discover how, with the right incentives program in place and an awareness of how and where it was allocating incentive spend, Danby was able to effectively optimize that spend to increase ROI.