Verizon on Open Innovation
The Verizonwireless website posted an article describing Procter and Gamble’s use of open innovation to come up with new ideas. P&G employed the collaborative model of open innovation by partnering with other businesses. In 2000, then CEO A.J. Lafley proposed a goal to acquire 50 percent of innovations from outside the organization. Within six years, the success rate for innovations more than doubled and R&D productivity jumped by nearly 60 percent, while the cost of supporting and running the division fell.
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