Nitin Chaudhary
Evalueserve
Knowledge Monopolies Don’t Exist AnymoreIn the year 2000, Procter & Gamble (P&G) set up an innovation strategy with the aim to leverage external expertise. P&G estimated that for every scientist within its walls, there were 200 experts outside the organisation who had similar skills. This forward-looking innovation strategy resulted in the Connect & Develop program that has since been a major success for P&G, contributing to as many as 35 percent of P&G’s products. Scouting for innovative ideas is no more a serendipitous encounter; but a must-do activity for any organization keen to explore opportunities to grow.
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