P&G makes an Indian 'connection'
P&G’s new business model for innovation ‘connect & develop’, which involves boosting R&D activity by seeking to leverage ideas, talents and innovation assets of individuals, institutes and companies around the world, has seen active participation ...
By Harit Mehta, TNN |
SINGAPORE: Don’t be surprised if somebody tells you that a Procter & Gamble product was actually invented in a nondescript Indian town.
P&G’s new business model for innovation ‘connect & develop’, which involves boosting R&D activity by seeking to leverage ideas, talents and innovation assets of individuals, institutes and companies around the world, has seen active participation by Indians. Through this model, P&G is accelerating internal R&D.
A third of the company’s global innovations have emerged from Asia, including India. Connect & develop is P&G’s radical strategy of open innovation, which now produces more than 35% of the company’s innovations and billions of dollars in revenue, boosting the R&D productivity by 60%.
“This connect+develop approach will allow us to create products to best suited for the consumers,” said a company official. “We believe ‘connect + develop’ works more effectively than ‘acquire + develop’.
Nearly 40% of our innovations last year were through the model,” Nabil Sakkab, senior V-P , corporate R&D, P&G, addressing the ‘Captains of Industry’ session at the Global Entrepolis @ Singapore here last week.
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Over 50% of innovations in the pipeline are through this model,” said Nabil Sakkab, senior vice-president , corporate R&D, P&G, while addressing the ‘Captains of Industry’ session at the Global Entrepolis @ Singapore here last week. Mr Sakkab claims the company is actually ‘insourcing creativity’.
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