Procter & Gamble is opening its doors to new ideas by posting its innovation "wish list" online, part of its
Connect and Develop strategy for product development.
Although P&G still spends more than $2 billion a year on research and development and employs more than 9,000 researchers worldwide, more than half of its new product ideas now are coming from outside of the company.
According to the
Enquirer, this outside-in approach can mean buying ingredients or technology from other firms, licensing the rights to products owned by others, or awarding the rights to its brands for others to develop.
Connect and Develop has allowed P&G profits per employee to grow 8 percent a year by drastically cutting research and development costs.
Read more from our friend Dave Holthaus
here.
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