This article explores the evolution of customer value proposition (CVP) in the first years of new ventures’ development. Previous research, examining the process of designing and enacting new customer value propositions, has mainly focused on the organizations’ learning processes, neglecting the dynamics of consumers’ learning pro-cesses. We assume new ventures and consumers co-evolve over time as each one interprets the other’s actions and acts on these interpretations. We present a multiple case study of independent new ventures, to understand the extent to which and how organizations consider and manage consumers’ learning processes within CVP evolu-tion. Results suggest two different logics of how new ventures integrate consumers’ learning processes in CVP evolution. First, following supplier-crafted CVP evolution logic, new ventures create solutions for consumers, self-crafted with a focus on the own revenue model. Consumer feedbacks are understood as exogenous factors measuring the success. Second, applying a co-creative CVP evolution logic, new ventures co-create solutions with consumers, focusing on supporting consumers in their everyday lives. Consumer feedbacks are an integral part of the evolution process itself. We find evi-dence that the underlying logic does have an immense effect on how CVPs evolve and establish the main differences. Finally, we make several propositions on how to amend research integrating organizations’ and consumers’ learning processes in explaining CVP evolutions.
