Abstract:    As a new form of innovation organization that links multiple innovation entities and promotes the innovation of key core technologies, the innovation consortium has attracted widespread attention. Still, its unique value co-creation mechanism has rarely been discussed. Using the case study method, this paper took China Railway Construction Heavy Industry Corporation Limited. (CRIHI) as an example to find that:(1) The innovation consortium is a tightly complementary value co-creation network led by core enterprises and consisting of innovation entities such as governments (as institutional builders), users (as demanders), technology suppliers of key components, universities, research institutes, etc. (2)The value co-creation mechanism for the innovation consortium to promote the innovation of key core technologies is an "organized value co-creation mechanism driven by both national mission and market demand". Among them, organized value co-creation is a process of "clear and unified innovation target orientation—close interaction between the complementary innovation entities led by core enterprises—accumulation of innovation elements towards core enterprises—innovation of key core technologies", national mission and market demand are sequential cycles driving conditions for organized value co-creation. These findings will contribute to promoting the construction of a theoretical system of innovation consortiums rooted in Chinese practices, expanding the application boundaries of value co-creation theory, enriching the literature on key core technology innovation, and providing essential implications for the establishment of innovation consortiums for key core technology innovation between governments and enterprises.

Key words:  innovation consortium, key core technology innovation, value co-creation