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Purpose. The aim of this paper is to present a macro view of the evolution of innovation for value creation, from the closed to collaborative, open, and now co‐innovation. It reviews several mega trends that have dramatically changed the dynamic nature of the global market place and also several new forces that have made innovation imperative for organizational value creation. Design/methodology/approach. The paper provides a conceptual overview of co‐innovation through some of its basic elements such as convergence revolution, collaboration, and co‐creation with stakeholders. Findings. Co‐innovation is a new innovation paradigm where new ideas and approaches from various internal and external sources are integrated in a platform to generate new organizational and shared values. The core of co‐innovation includes engagement, co‐creation, and compelling experience for value creation. Thus, the practices of co‐innovative organizations are difficult to imitate by competition. Practical implications. Innovation is imperative for organizational survival in today's turbulent global market. This conceptual paper presents many real‐world examples of co‐innovative firms' strategies that can provide new insights for follower organizations. Social implications. Innovation is a universal strategy for every organization, be it a firm, non‐profit organization, or even a government agency. The new innovation approaches suggested in the paper can contribute to social reforms such as creating shared value for all stakeholders. Originality/value. This is an original paper that presents a broad‐stroke direction and vision for new organizational strategies for innovation.

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