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Frost & Sullivan Reveals that Coupling Open Innovation with Traditional Product Development Drives Breakthrough Innovation

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Frost & Sullivan Reveals that Coupling Open Innovation with Traditional Product Development Drives Breakthrough Innovation PR Newswire MOUNTAIN VIEW, California, July 9, 2012 - Frost & Sullivan's Growth Team Membership uncovers Amway Corp.'s open innovation approach to support idea generation and the product development cycle MOUNTAIN VIEW, California, July 9, 2012 /PRNewswire/ -- Frost & Sullivan's new research demonstrates how to move beyond incremental innovation and capture game-changing ideas and technologies through open innovation. Frost & Sullivan's Growth Team Membership's (GTM's) new best practice guidebook entitled: Open Innovation: Gateway to Breakthrough Ideas features Amway, a global consumer goods company, and their use of open innovation to draw on ideas and technologies outside of the company and increase its capacity for systematically identifying and developing breakthrough innovations. "For the fourth year in a row, research and development (R&D) executives cited 'identifying breakthrough new product ideas' as one of their top challenges influencing planning, in Frost & Sullivan's Annual R&D/Innovation and Product Development Priorities Surveys," said Keith O'Brien, vice president of research for Frost & Sullivan's Growth Team Membership. "There are a myriad of reasons for this challenge, including resource limitations and lack of an established process for idea generation.

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Frost & Sullivan Reveals that Coupling Open
Innovation with Traditional Product
Development Drives Breakthrough Innovation
PR Newswire
MOUNTAIN VIEW, California, July 9, 2012
- Frost & Sullivan's Growth Team Membership uncovers Amway Corp.'s open
innovation approach to support idea generation and the product development
cycle
MOUNTAIN VIEW, California
,
July 9, 2012
/PRNewswire/ -- Frost & Sullivan's new
research demonstrates how to move beyond incremental innovation and
capture game-changing ideas and technologies through open innovation. Frost
& Sullivan's Growth Team Membership's (GTM's) new best practice guidebook
entitled:
Open Innovation: Gateway to Breakthrough Ideas
features
Amway, a global consumer goods company, and their use of open innovation to
draw on ideas and technologies outside of the company and increase its
capacity for systematically identifying and developing breakthrough
innovations.
"For the fourth year in a row, research and development (R&D) executives cited
'identifying breakthrough new product ideas' as one of their top challenges
influencing planning, in Frost & Sullivan's Annual R&D/Innovation and Product
Development Priorities Surveys," said Keith O'Brien, vice president of research
for Frost & Sullivan's Growth Team Membership. "There are a myriad of
reasons for this challenge, including resource limitations and lack of an
established process for idea generation. The in-depth examination of Amway's
open innovation process shows how to address many of these challenges. This
practice can be adopted by any organization—regardless of business model or
industry—interested in improving its open innovation process."
Open Innovation: Gateway to Breakthrough Ideas
is a detailed best
practice guidebook that illustrates how Amway uses open innovation to support
the product development process by:
Creating a formal ideation process spanning need identification and entry in the stage-
gate development process
Assessing the technical feasibility and market potential of new technologies
Instituting project checkpoints for approval, resources and funding
Establishing cross-functional engagement points between Open Innovation, Product
Development and Marketing
This approach allowed Amway to launch 17 high-impact products in 55 markets
and generate more than
$700 million
in revenue since 2005.
Attend
A complimentary Ask the Thought Leader webcast will be co-hosted by Frost &
Sullivan's GTM and Amway Corp. on
Thursday, July 12, 2012
. This event will
feature Amway's open innovation process in greater detail. During the webcast,
David Groh, manager of health & beauty's new technology R&D at Amway, will
participate in a live question and answer session.