SOURCE: InnoCentive

April 22, 2008 14:30 ET

Procter & Gamble Expands Its Utilization of InnoCentive.com's Open Innovation Marketplace

P&G Taps InnoCentive's Global Network of 140,000 Solvers for Innovative and Creative Solutions to Product Development Challenges

WALTHAM, MA and CINCINNATI, OH--(Marketwire - April 22, 2008) - InnoCentive, Inc., the leader in Prize-Based Open Innovation sourcing, and Procter & Gamble Company (NYSE: PG), today announced that they have renewed and extended their relationship to continue working together to help meet some of P&G's innovation challenges.

Under the new terms, P&G will leverage InnoCentive's global network of Solvers to help uncover creative solutions to some of their most important product development challenges. P&G will further take advantage of InnoCentive's end-to-end innovation solution that will allow the company to submit Challenges at any stage of the development lifecycle. P&G will be able to utilize InnoCentive Solvers across four different stages of the product development process -- ideation, design, product prototype and delivery of final product.

News Highlights

  -- With InnoCentive, P&G will reach more than 140,000 of the most
     creative individuals with backgrounds in a variety of expertise,
     including Engineering and Design, Business and Entrepreneurship,
     Life Sciences, Chemistry, Computer Science, Math and Physics.
  -- InnoCentive offers four Challenge types to span the product
     development process. They are:
      -- The Big Idea: Ideation -- Brainstorming and Ideation
      -- The Design: Theoretical -- Detailed description, specs and
         requirements
      -- The Proof: RTP -- Sample product prototype and test results
      -- The Final Product: eRFP -- Electronic Request For a Partner
         to deliver the final product or service
  -- InnoCentive has a "Pay for Success" pricing model where the award
     and success fee are only charged to P&G when they choose a solution
     that meets their need.

Company Quotes

Dwayne Spradlin, CEO, InnoCentive Inc.

"Procter & Gamble is one of the most innovative companies in the world and we take great pride in the fact that the company has renewed its commitment to work with InnoCentive. Our mission as a company is to accelerate the development of potentially world-changing solutions by inviting our partners to challenge our diverse network of Solvers and P&G is exactly the kind of visionary organization we believe supports this goal."

John Leikhim, Director Corporate Functions R&D, Innovation Capability with the Procter & Gamble Company

"More than ever, Procter & Gamble is devoted to providing the highest quality products to our consumers and we believe leveraging open innovation networks like InnoCentive is an important tool to help us achieve that goal. We are confident our renewed partnership with InnoCentive will help us accelerate the pace of innovation to bring new products to market faster."

About Procter & Gamble (NYSE: PG)

Three billion times a day, P&G brands touch the lives of people around the world. The company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Gain®, Pringles®, Folgers®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Actonel®, Duracell®, Olay®, Head & Shoulders®, Wella, Gillette®, and Braun. The P&G community consists of over 138,000 employees working in over 80 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.

About InnoCentive

Founded in 2001, InnoCentive built the first global web community for open innovation, enabling scientists, engineers, professionals and entrepreneurs to collaborate to deliver breakthrough solutions for R&D-driven organizations. InnoCentive Seekers, who collectively spend billions of dollars on R&D, submit complex problems to the InnoCentive Marketplace where more than 140,000 engineers, scientists, inventors, business people, and research organizations in more than 175 countries are invited to solve them. Solvers who deliver the most innovative solutions receive financial awards ranging up to US$1,000,000. InnoCentive's Seekers include commercial, government and non-profit organizations such as Eli Lilly and Company, Janssen, Solvay, GlobalGiving and The Rockefeller Foundation.

For more information on InnoCentive, go to: www.innocentive.com.

InnoCentive and InnoCentive Challenge are registered trademarks of InnoCentive, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.

Contact Information

  • For More Information contact:
    Jessica Devaney or Carole Hutchinson
    Email Contact
    617-431-1020