%0 Journal Article %J Open Source Business Resource %D 2011 %T Renewal Through Co-Creation in Business Networks %A Raimo Hyötyläinen %A Katri Valkokari %A Petri Kalliokoski %X This article presents four models of business renewal within networks based on a theoretical framework developed from earlier literature. According to the typical dimensions of business development, our framework distinguishes between the exploitation of present knowledge for efficiency and the exploration of new knowledge for new business development. Furthermore, the two network development and governance types (i.e., hub-spoke and multiplex) form the other dimension of the framework. The framework was empirically tested with five case companies and their business networks. The framework of network models may help managers to structure the business network and its renewal based on the strategic targets of a firm. Furthermore, the theoretical contribution of the paper deepens the understanding of how co-creation and interaction between the participants differ according to business focus and complexity of networks. %B Open Source Business Resource %I Talent First Network %C Ottawa %8 03/2011 %G eng %U http://timreview.ca/article/426 %N March 2011 %9 Articles %1 VTT (Technical Research Centre of Finland) Dr. Raimo Hyötyläinen holds the position of Research Professor at VTT (Technical Research Centre of Finland) and his research theme is strategy and foresight in the manufacturing industry. He graduated in Industrial Management from Helsinki University of Technology and holds an M.Sc (Pol.Sc.) degree in sociology, economics, and economic and social history from Helsinki University. Raimo has researched hundreds of manufacturing companies since the beginning of 1985, when he came to VTT. %2 VTT (Technical Research Centre of Finland) Dr. Katri Valkokari is a Senior Research Scientist and team manager at VTT (Technical Research Centre of Finland) in the Value Network Development research team. She has executed several development projects concerning strategic SME business networks. Katri recently completed her doctoral thesis on business network development. She has published several international and national articles in the research areas of strategic business networks, collaboration, organizational knowledge, and innovation management. %3 VTT (Technical Research Centre of Finland) Mr. Petri Kalliokoski, M.Sc. (Tech.), holds the position of Senior Vice President of Strategy and Business Development at VTT (Technical Research Centre of Finland). He is responsible for VTT's strategy and business development activities and acts as a chairman of the strategic research steering group on business and innovation management. Petri has worked as a project director and researcher in several large international research and design projects. In addition, he has carried out consulting assignments in the area of business strategies and organizational development. His current research interests include innovation management, industrial services business development, and management of enterprise networks. He is also a board member in several companies.