The Procter & Gamble Company announced goals the company hopes will triple the impact of its Connect + Develop open innovation program. Speaking at a dinner in Cincinnati for 150 of P&G's top innovation partners, the company's Chairman of the Board, President and Chief Executive Officer, Bob McDonald, said the new goals were aimed at accelerating the Company's open innovation work.
"Connect + Develop has created a culture of open innovation that has already generated sustainable growth; but we know we can do more," McDonald said. "We want the best minds in the world to work with us to create big ideas that can touch and improve the lives of more consumers, in more parts of the world, more completely."
Tripling the impact of Connect + Develop would deliver $3 billion towards the Company's annual sales growth.
Connect + Develop was launched in 2001 with the goal of delivering 50% of the Company's innovation through external collaboration. That goal was met and exceeded resulting in innovations such as Swiffer Dusters, Olay Regenerist, Tide Total Care, Mr. Clean Magic Eraser, Clairol Perfect 10 and the Oral B Pulsonic Toothbrush.
"Connect + Develop opened our minds and doors to external collaboration. It changed our culture from 'invented here' to 'partnering for greater value,' said Chief Technology Officer Bruce Brown. "With these new goals, we are taking C+D to the next level. We are looking to ensure that we're not just delivering more partnerships, but greater value through our partnerships. We want collaboration that creates innovation across all our business operations from product development to logistics."
For more information about P&G's Connect + Develop(SM) approach, go to pgconnectdevelop.com.
SOURCE: Procter & Gamble