Frost & Sullivan Reveals that Coupling Open Innovation with Traditional Product Development Drives Breakthrough Innovation

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• Publié par: frost-sullivan
• Nombre de lectures: 9
• Langue: English

Extrait

Frost & Sullivan Reveals that Coupling Open

Innovation with Traditional Product

Development Drives Breakthrough Innovation

PR Newswire

MOUNTAIN VIEW, California, July 9, 2012

- Frost & Sullivan's Growth Team Membership uncovers Amway Corp.'s open

innovation approach to support idea generation and the product development

cycle

MOUNTAIN VIEW, California

,

July 9, 2012

/PRNewswire/ -- Frost & Sullivan's new

research demonstrates how to move beyond incremental innovation and

capture game-changing ideas and technologies through open innovation. Frost

& Sullivan's Growth Team Membership's (GTM's) new best practice guidebook

entitled:

Open Innovation: Gateway to Breakthrough Ideas

features

Amway, a global consumer goods company, and their use of open innovation to

draw on ideas and technologies outside of the company and increase its

capacity for systematically identifying and developing breakthrough

innovations.

"For the fourth year in a row, research and development (R&D) executives cited

'identifying breakthrough new product ideas' as one of their top challenges

influencing planning, in Frost & Sullivan's Annual R&D/Innovation and Product

Development Priorities Surveys," said Keith O'Brien, vice president of research

for Frost & Sullivan's Growth Team Membership. "There are a myriad of

reasons for this challenge, including resource limitations and lack of an

established process for idea generation. The in-depth examination of Amway's

open innovation process shows how to address many of these challenges. This

practice can be adopted by any organization—regardless of business model or

industry—interested in improving its open innovation process."

Open Innovation: Gateway to Breakthrough Ideas

is a detailed best

practice guidebook that illustrates how Amway uses open innovation to support

the product development process by:

Creating a formal ideation process spanning need identification and entry in the stage-

gate development process

Assessing the technical feasibility and market potential of new technologies

Instituting project checkpoints for approval, resources and funding

Establishing cross-functional engagement points between Open Innovation, Product

Development and Marketing

This approach allowed Amway to launch 17 high-impact products in 55 markets

and generate more than

$700 million

in revenue since 2005.

Attend

A complimentary Ask the Thought Leader webcast will be co-hosted by Frost &

Sullivan's GTM and Amway Corp. on

Thursday, July 12, 2012

. This event will

feature Amway's open innovation process in greater detail. During the webcast,

David Groh, manager of health & beauty's new technology R&D at Amway, will

participate in a live question and answer session.