What is another word for open innovation?
Pronunciation: [ˈə͡ʊpən ˌɪnəvˈe͡ɪʃən] (IPA) 
Open innovation is a concept that has been gaining importance in the field of business. It refers to the process of involving external parties in the innovation process of a company. Companies use open innovation to acquire new ideas, technologies, and resources for their business. There are various synonymous terminologies used for open innovation, such as crowd sourcing, collaborative innovation, and co-creation. Crowd sourcing refers to the process of obtaining inputs from a large number of people, whereas collaborative innovation is the act of working together with other companies or individuals to create new solutions. Co-creation deals with the process of jointly creating a product, service, or value proposition by several parties. These synonyms reflect the essence of open innovation and the collaborative nature of modern business.
