Creating Shared Value and Increasing Project Success by Stakeholder Collaboration

Abstract

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.