In early May, I moderated a great panel discussion at The Front End of Innovation conference in Boston working with Chris Thoen, Managing Director of Open Innovation at P&G and Jeff Bellairs, Sr. Director Connected Innovation at General Mills.
C. Engdahl did a nice recap of the session, which you can read at this link: Critical Lessons on Open Innovation, A Panel Discussion
The recap included these insightful quotes made by Chris and Jeff:
“The new competition is not about internal knowledge and focus, but rather about an organization’s ability to reach out, partner, and develop outside relationships and subsequent products based on these relationships.” – Chris Thoen
“Open Innovation requires you to be a ‘Clydesdale’, not necessarily a ‘Thoroughbred’. It takes tenacity and a focus on early wins to be successful.” – Jeff Bellairs
With the permission of Chris Thoen, I would also like to share some facts on P&G’s open innovation efforts.
• P&G works proactively with more than 85 network and 120+ universities. 75% of their searches within these networks result in viable leads.
• P&G’s “open door” for unsolicited innovation submissions – Connect+Develop – generated nearly 4,000 leads last year. The site is now available in 5 languages (English, Chinese, Japanese, Portuguese, Spanish).
• P&G invests in relationships over time to become the preferred partner for open innovation. 40% of their relationships results in repeat deals.
• More than 50% innovation is sourced externally (up from < 10% in 2001).
• P&G is externally recognized as one of leaders in open innovation space. Today, $3 billion in other companies’ sales are powered by P&G assets.
• P&G has 1,000 contracts under management.
Interesting and impressive facts…