Open innovation vs Crowdsourcing vs Co-creation

Innovation can be a daunting task, but open innovation, crowdsourcing, and co-creation can help businesses break through the status quo and generate diverse and innovative ideas. Open innovation involves gathering ideas from internal and external sources, while crowdsourcing involves seeking knowledge or services from a large group of people. Co-creation is when businesses work together with their customers or fans to develop new ideas. Each of these techniques has its own benefits and considerations, and the choice of which to use depends on factors like the project's sensitivity and the management capabilities. Real-world examples include Samsung's academic partnerships for open innovation, Google's use of crowdsourcing to improve Google Maps, and Lego's Ideas platform for co-creating new sets with fans.