Unlocking Value Co‐Creation in <scp>IoT</scp> Platforms: Insights From a Collaborative Manufacturing Case

ABSTRACT This study examines value co‐creation in IoT platform ecosystems through a case study of the collaborative manufacturing platform E‐LINK. We explore the evolution of platform data capabilities, user interactions, value creation, and the mechanisms that connect them. Through a conceptual process model, grounded in the Platform Data Capability concept, we introduce a layered perspective on value co‐creation and classify interactions as superficial or deep. While superficial interactions may not fully capture users' intentions, they generate valuable data that, when combined with the platform's intelligence and connectivity capabilities, contribute to value creation. By leveraging organizational data capabilities, E‐LINK extracts implicit industry knowledge and process‐path data from superficial interactions, thus enhancing customer value perception and triggering deeper engagement. Our findings highlight two key aspects of platform value co‐creation. First, superficial interactions are fundamental, serving as prerequisites for the accumulation of platform data capabilities and for shaping user cognition. Second, identifying tangible value‐creation pathways is crucial, as it determines whether users' cognitive dimensions shift; therefore, fostering active engagement and resource sharing. We outline the evolution of platform data capabilities, user interactions, and value creation across three stages of the platform ecosystem. This study offers a deeper understanding of value co‐creation mechanisms in IoT platforms. It provides strategic insights for platform managers to sustain a virtuous cycle of engagement and value generation.