Erich Joachimsthaler: The principle of shared value drives the success of the “interaction field” business model

Abstract

Purpose Strategist Erich Joachimsthaler in his new book “The Interaction Field: The Revolutionary New Way to Create Shared Value for Businesses, Customers and Society,” predicts that in future traditional basis of value creation will be replaced by a business model of value creation where everyone becomes a producer and consumer, a participant in an ever changing, flexible and very large network of participants. Design/methodology/approach This interview of the author by Prof. Brian Leavy looks at how interaction field companies or business models create shared value by solving new or intractable problems for customers, the industry or society. Findings The new consumers expect to be active participants in value creation as they engage, participate, share, contribute, comment, benefit and learn. Practical implications The key to creating maximum shared value and exponential growth is velocity, the number or frequency and the quality of interactions between everyone in the interaction field. Originality/value A thoughtful introduction to an important new business model. Critical learning for executives designing digital platforms.