General Mills was named to Forbes magazine's "The World's Most Innovative Companies" list, which appears in the Aug. 8 issue of Forbes. General Mills ranks 31st out of 100 companies on the global list.
"We're proud to stand among the most innovative companies in the world and value this honor as a reflection of our employees' commitment to driving innovation in every aspect of our business," said Peter Erickson, senior vice president of Innovation, Technology and Quality at General Mills. "Over the past six years, we have challenged ourselves to reinvent our approach to innovation with a goal of delivering bigger and more profitable innovation to the marketplace."
According to Forbes, companies were selected and ranked by a team of researchers and authors of a newly released book, "The Innovator's DNA." The rankings are based on an assessment of each company's "innovation premium," which measures the premium the stock market gives a company for anticipated or expected innovation.
"Innovation Intersection" - General Mills' collaborative approach to innovation -connects employees with inventors, academics, entrepreneurs, suppliers, customers and consumers throughout the innovation process. It goes beyond new product development to include everything from adding health benefits to products, boosting the company's environmental sustainability efforts, finding new ways to connect iconic brands with today's on-the-go consumers, partnering with retail customers, and improving productivity.
Erickson says this approach has not only increased General Mills' speed-to-market, but it has helped the company foster a collaborative culture where employees throughout the company are now looking around the globe for new sources of innovation.
"Whether we're adding health benefits to food or finding new ways to reach consumers, innovation at General Mills is about connecting smart people inside the company and across the globe to imagine new possibilities and create solutions," said Erickson.
General Mills recently announced its lineup of new products for the first half of its 2012 fiscal year, including Fiber One 90-Calorie Brownies, Fiber One 80 Calorie Cereal, Pillsbury Egg Scrambles, and Betty Crocker Fun da-middles in the U.S., Häagen-Dazs Secret Sensations ice cream in Europe and additional Wanchai Ferry dim sum products in China.
The full list of "The World's Most Innovative Companies" can be found in the Aug. 8 issue of Forbes and online at www.Forbes.com.
Learn more about General Mills' approach to innovation on www.GeneralMills.com and on the company's corporate blog, A Taste of General Mills.