The idea of “co-creating” with customers has been circulating for years, but until recently few companies effectively exploited its power or understood its contribution to the bottom line. True, customers can customize their M&Ms, build their own bikes with Trek Project One, create unique doors for their home at Jen-Weld, and design their own Nike running shoes. But these co-creation models produce only one-off physical goods, and none represents a fundamental shift in how these companies create value; they’re peripheral to the core business.