Newswise — What do sports drinks, recombinant DNA, search engines, the PSA test, and nicotine patches have in common? Each of these product breakthroughs were initially developed outside of their corporate labs, at universities or independent labs, and then transformed into household names by some of the world's leading companies. But what about the other half of the equation—getting products out of research and development phases and to the market? Where do companies such as Kraft Foods go to find solutions to some of their largest challenges? During national inventor's month, it is especially important to recognize that these companies look beyond their own lab walls, and reach out to the world for solutions to get products to market faster, less expensively, and more innovatively.
More and more of the innovation, research and development needed to keep companies on the cutting-edge of their industries is being developed outside of the traditional R&D organization, in academic and external laboratories. Scientists and business executives have embraced the concept of "open innovation" " the paradigm that companies should both externally source and out-license their intellectual property, even with competitors "to bring consumers the best products imaginable and accelerate corporate growth.
With more than seven hundred federally funded research institutions such as Los Alamos National Laboratory, the USDA, and the National Institute of Health, and thousands colleges, universities, and independent labs both within the U.S. and around the world, vital new research and intellectual property is discovered and perfected every day.
According to a recent S&P/Business Week study (June 2008), the world's most innovative companies outperform the S&P 500 and the S&P Global 100:
Source: S&P/Business Week Global Innovation Index "June 2008
Responding to this need, UTEK Corporation provides a full suite of open innovation services to help companies innovate more rapidly. Over the past ten years UTEK has developed what it believes to be the world's largest proprietary database of intellectual properties available for license, from its global network of universities, research laboratories and companies. This unique capability, along with a staff of knowledgeable scientists, provides clients with unparalleled access to external innovation. UTEK has transferred over 100 technologies to its clients to help accelerate R&D innovation.
A Better Mousetrap For a Better CheeseThese discoveries, however, represent the "R" part of the R&D equation. In order for inspiration to turn into products on shelves, research needs to be wedded to corporate development, and often companies must look outside for the "D" part of R&D equation.
Recognizing the success that they have had with technology sourcing, UTEK has now developed a service to help companies drive their technologies out of R&D towards rapid commercialization. UTEK recently launched an online network, TekScout, which allows companies to post their development challenges, along with suggested rewards and timeline requirements. The TekScout network of scientists and engineers from around the world come can view these complex problems, and suggest solutions. When the answer is found, TekScout makes the connection. The result is a faster, less expensive and more innovative process to bring products to market.
Innovation leaders, such as Kraft Foods, constantly experiment with new partners to improve their innovation processes Kraft Foods recently posted a $50,000 challenge on TekScout to develop "innovative solutions for ingredients and processing methodologies for a cheese product with new characteristics." By posting this challenge on TekScout, along with prototype pictures of what the product might look like, Kraft has immediate access to scientists around the world, many of which may have perspectives beyond those of the food scientists that would normally be trying to solve this challenge. The expectation is that somewhere in the world, perhaps while munching on a cheese snack, a scientist will view this challenge and have just the solution that is needed to move bring this product to fruition. Talk about moving your cheese!
About Dr. Clifford M. GrossUTEK's Chief Executive Officer, Clifford M. Gross, Ph. D., is a former Director of the Graduate Program in Ergonomics and Biomechanics at New York University and previously served as Chairman of the Department of Biomechanics at New York Institute of Technology and research professor at the University of South Florida. Dr. Gross is the recipient of eighteen patents, and co-author of Technology Transfer for Entrepreneurs (Praeger Publishers, 2003), among other books and publications. A compelling and articulate speaker about open innovation, Dr. Gross would welcome the opportunity to discuss UTEK's vision with you and why it's important for industry to embrace open innovation.
Dr. Gross serves as an expert resource on the following:
"¢ What is open innovation?"¢ What are some examples of commonly used consumer products that were a direct result of open innovation?"¢ How might embracing a philosophy of open innovation help the economy during difficult fiscal climates?"¢ How does open innovation relate to the search for alternative energies and Senator McCain's recent car battery development challenge?
About UTEK Corporation
UTEK® is an innovation services company. UTEK's services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK is a business development company with operations in the United States and the United Kingdom. For more information about UTEK, please visit its website at http://www.utekcorp.com.
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