Managing research and innovation may require the concepts of open innovation and co-creation. Other than these concepts, there are models of crowdsourced innovation. They require a less level of engagement compared to open innovation and co-creation. In open innovation, organizations can actively get involved in the creation of mutually beneficial solutions. The high degree of expertise in organizations fuels research interest in open innovation. Co-creation relates more specifically to the relationship between an organization and a defined group of its stakeholders, mostly its customers. For this assignment, we will analyze the relevance of open innovation practices in organizations.
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THE CONCEPTS OF CROWD SOURCE INNOVATION AND CO-CREATION

Crowdsourcing occurs when an organization outsources projects to the public. An organization decides to tap into the knowledge of a more extensive crowd. The input of the models of crowdsourced innovation comes from a large and undefined group of people. An organization using crowdsourcing will set a challenge to the public and ask for opinions, insight, and suggestions. Some studies suggest that research interest in open innovation brought about the concept of crowdsourcing. This is because open innovation is an inclusive, social way of solving complex issues and improving processes. The relevance of open innovation practices is to promote innovation in the social context. Therefore, the concepts of open innovation and co-creation boost crowdsourced innovation.
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OPEN INNOVATION PRACTICES IN ORGANIZATIONS

Organizations use open innovation practices that vary widely. Since open innovation is inclusive, it brought about the creation of various models of crowdsourced innovation. Open innovation is very effective and is less costly compared to co-creation and crowdsourcing. For businesses to achieve the relevance of open innovation practices, open innovation strategy should be the result of business strategy. The location of open innovation activities should also be on the basis on open innovation objectives. Research interest in the concept of open innovation suggests that it is essential to stimulate collaboration in the innovation networks.
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