In the information age, collaborative innovation in process and product is critically important. In this paper, we study the value of a supply chain innovation in which one upstream supplier and one downstream manufacturer may co-develop a product that includes several innovative elements. The supplier is responsible for process innovation to optimise the production system and reduce unit production costs, and the manufacturer is responsible for product innovation. We study innovation leadership and consider the supplier-led (SL) and manufacturer-led (ML) innovation games. We find that in both SL and ML innovation games, if the manufacturer has sufficient resources and capability to invest in product innovation, the manufacturer is always willing to invest in product innovation, but not the supplier. We identify the value of co-innovation and innovation leadership. We find that the product with higher innovation level will be provided under the ML innovation game. When selling the technological and innovative products (as they usually have a larger profit margin ratio), the manufacturer should invest more in product innovation. When product innovation efficiency is large (small), the manufacturer's profit is convex (concave) in the profit margin ratio. We identify the optimal value creation of joint pricing and innovation in a supply chain and the impacts of “process-product innovation dependence”. Our results (i) highlight the value of manufacturer-led innovation and the importance of considering the product's profit margin ratio in co-innovation, (ii) indicate that the manufacturer should be the leader to invest in product innovation, and (iii) the co-innovated products should be sold at a high profit margin.

在信息时代，流程和产品中的协作创新至关重要。在本文中，我们研究了供应链创新的价值，其中一个上游供应商和一个下游制造商可以共同开发包含多个创新要素的产品。供应商负责流程创新，以优化生产系统并降低单位生产成本，而制造商则负责产品创新。我们研究创新领导力，并考虑以供应商为主导（SL）和制造商为主导（ML）的创新游戏。我们发现，在SL和ML创新游戏中，如果制造商有足够的资源和能力来投资产品创新，那么制造商总是愿意投资产品创新，而供应商则不愿意。我们确定共同创新和创新领导力的价值。我们发现，在ML创新游戏中将提供具有更高创新水平的产品。在销售技术和创新产品时（因为它们通常具有更大的利润率），制造商应在产品创新上投入更多。当产品创新效率高（小）时，制造商的利润在边际利润率上凸（凹）。我们确定了供应链中联合定价和创新的最佳价值创造以及“过程产品创新依存性”的影响。我们的结果（i）强调了制造商主导的创新的价值，以及在联合创新中考虑产品的利润率的重要性，