In the narrow business sense, co-creation is something done with other businesses or with customers or other stakeholders. This happens in the context of what is now called a business eco-system or business ecology.
This is a very important concept, more usually referred to as co-evolution, and more recently, as co-intelligence. A good example of co-evolution is the role of bees in agriculture. Without the bees, pollination becomes a major issue. When we find that electromagnetic pollution is killing off bees, we are in fact interfering with a priceless natural process.
There are also restrospective looks at what indigenous natives knew about co-evolution, and futuristic looks at what we can do to mimic nature, called bio-mimicry. What we are doing with fossil fuels, toxins that we manufactor and disperse, and with (or against) clean water, are the opposite of co-creation.