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Middle Market Organizations Exceed Expectations, Gain a New Competitive Edge and Grow through Open Innovation
The total projected increase in sales for NineSigma clients who engaged in the OII program is $224,000,000 annually over the next 3-5 years. These companies also estimate the program will lead to the creation of 70 new jobs in areas including sales, administration, and manufacturing.
Open Innovation empowers organizations to find and collaborate with companies, academic research centers, and inventors beyond their organizations and their industries, to tap new technologies. This helps them reduce research and development costs, bring innovative products to market more quickly, and move ahead of competitors from around the world. Last year, NineSigma received a $2 million grant from the Ohio Third Frontier to make it easier for local mid-market companies to leverage its services. The goal of the program is to foster corporate growth that sparks additional job creation within the state.
So far, 18 companies have signed-on to the program, and 25 projects have been initiated as a result. These companies represent diverse industries including aerospace & defense, automotive & transportation, building & construction, consumer products, chemicals & materials, food & beverage and manufacturing.
"The world is a big place and no one company has connections to the entire world," said Paul Bizzarri, Vice President of Innovation, TimberTech. "However, NineSigma and the open innovation process provide an excellent structure for casting an opportunity or problem more effectively into that world-wide marketplace."
NineSigma is helping these clients identify precise technologies or solutions they need, and then tapping its network of millions of solution providers to find the right matches. In response to requests, proposals have originated from four continents and 25 different countries, including Nigeria, Latvia, Slovenia, Malaysia, and Georgia. Some examples of searches these clients have conducted include protective thermal insulating coatings for touchable surfaces, noise reduction technology for vacuum systems, and anti-microbials for aqueous-acrylic film forming systems.
NineSigma CEO Andy Zynga said, "By funding half of the costs of engaging an open innovation intermediary, the State of Ohio is tangibly supporting middle market companies in a way that will benefit the entire state. We see this as a successful model for other states to adopt in their efforts to boost their own economic vitality and foster long-term job growth."
NineSigma is hosting its 4th Innovation Leadership Summit May 14-16, 2014 in Cleveland, Ohio. In conjunction with the conference, NineSigma will hold a workshop titled "Open Innovation as a Driver for Growth in Middle Market Companies." For more information and to register, visit http://www.ninesigma.com/expect-the-unexpected/workshop-two.
About NineSigma? NineSigma connects organizations with external innovation resources to accelerate innovation in private, public and social sectors. The company provides open innovation services to organizations worldwide, including Kraft Foods, Philips, Siemens, and Unilever, to solve immediate challenges, integrate new knowledge, fill product pipelines, and stay ahead of the competition. Named to the 2012 Inc. 5000 list of fastest-growing private U.S. companies, NineSigma's proprietary process has produced billions of dollars in value for its clients. NineSigma has the largest open global network of solution providers and an extensive database of existing solutions spanning numerous industries and technical disciplines. NineSigma's online innovation community, NineSights®, is the world's first open innovation social media destination, connecting innovators of all sizes with resources and relationships to drive growth. Learn more at www.ninesigma.com and www.ninesights.com.