Three Corporate Reasons for Open Innovation: P&G, Cisco and Psion

What are the reasons that companies embrace open innovation? Here comes a few examples:

First, I want to share what I read in some press material from P&G on their new goals for their Connect+Develop program.
It said:

Innovation is the key enabler for us to deliver on these goals, helping us:

  • Expand vertically: up and down value tiers (more consumers)
  • Expand horizontally: improving products, creating/ entering adjacent categories, driving use to broaden product portfolios (more completely)
  • Expand geographically: more parts of the world

I found a couple of other “official” statements on what companies would like to get out of their open innovation initiatives.

The next one is from Cisco’s I-Prize initiative:

Q: What is the Cisco I-Prize?

A: The global community is a comprehensive resource for creativity and innovation. Cisco I-Prize is an event where Cisco looks beyond its own resources and turns to the global community, the Human Network, to identify its next major business opportunity. Participants are invited to submit ideas. Before you do so, consider what problems your idea addresses, how it’s new and different, and who comprises your target market.

The last one is taken from a press release that explains what Psion would like to get out of IngenuityWorking initiative:

The key enabler of OSM is a new, open and online community, called Ingenuity Working, which has been created to bring developers, partners and customers closer together in support of three new initiatives to:

  1. By living our values, our highs and our lows in full view to become more trusted than any comparable company or competitor
  2. Leverage Psion’s significant IP portfolio with a wide range of vendors and component suppliers
  3. Accelerate a fuller, and uniquely open, dialogue with its global customers & resellers

Can you share other quotes or descriptions on corporate reasons for embracing open innovation?

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