CINCINNATI Procter & Gamble is looking to expand its open innovation partnerships, which would triple the impact of its Connect + Develop open innovation strategy.
Connect + Develop, which was launched nearly 10 years ago, enables the company to share research and development, commercialization and brand strength worldwide, so great ideas can arrive on the market and to consumers in a timely fashion, according to P&G's website. By tripling its open innovation work, P&G said Connect + Develop would garner $3 billion toward the company's annual sales growth.
The announcement came just days after the company reported its strong first-quarter earnings.
"Connect + Develop has created a culture of open innovation that has already generated sustainable growth; but we know we can do more," said P&G chairman, president and CEO Bob McDonald. "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."
Innovations that have spawned from the Connect + Develop program include 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."