Evolutionary Path and Mechanisms of Value Co-creation by Focal Firms in Digital Innovation Ecosystems: Evidence from Anjoy Foods

Abstract

In the era of the digital economy, digital innovation ecosystems have become a critical vehicle for the digital transformation and upgrading of traditional industries. Understanding how focal firms drive value co-creation across different stages of ecosystem development is of both theoretical and practical importance. Using Anjoy Foods, a leading enterprise in China's frozen food industry, as a longitudinal case, this study investigates the evolutionary path and underlying mechanisms of value co-creation from the perspective of the digital innovation ecosystem by adopting a motivation–process–outcome analytical framework. The evolution of Anjoy Foods' value co-creation practices from 2019 to 2025 is classified into three sequential stages: connection, collaboration, and symbiosis. The findings indicate that each stage exhibits distinct characteristics, reflecting a progressive transition from linear value co-creation to networked value co-creation and ultimately to ecosystem-based value co-creation. Furthermore, this evolutionary process is jointly driven by four complementary mechanisms: the interest coordination mechanism, information integration mechanism, incentive compatibility mechanism, and environmental coupling mechanism. The findings provide practical insights for enterprises seeking to implement value co-creation strategies within digital innovation ecosystems in the digital economy.