The Case for Consumer-Centric Innovation
The Entrepreneur website noted that the consumer appetite for new and improved products has largely contributed to the need for more innovation. The increase in product development activity has led to the acceptance of open innovation as a new source of ideas. The practice of open innovation really began to flourish in the 1990s under Procter & Gamble CEO A.G. Lafley. He set a goal for P&G to have 50 percent of all new products developed outside the company. This was a disruptive move at one of the largest consumer product companies in the world. The notion that ideas would come from outside the company seemed crazy. But that move paid off, and today there are hundreds of new products that have launched as part of P&G’s Connect+Develop program.
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