Innomation

OLD GREENWICH, Conn., Oct. 1 /PRNewswire/ -- inno360 LLC, a leading online platform for next-generation open innovation, today announced P&G (Procter & Gamble, NYSE: PG) has joined its Alpha program. P&G has been a leader in open innovation since 2001 through its Connect + Develop program, launching over 400 new products that included contributions from outside the company. inno360 unites global pioneers to co-develop the next-generation open innovation platform.

Chris Thoen, R&D Director, Innovation & Knowledge Management at P&G, says, "inno360 is intended to help us tap into networks of literally millions of innovative people around the world, to find exactly the right answers to our innovation challenges. We are excited by the promise of a platform that can integrate our open innovation activities, extend their reach throughout our organization, and deepen our open innovation metrics and culture within P&G."

As part of its commitment to inno360, P&G is contributing proprietary technology and know-how embedded in its Synergy software. Synergy was developed by P&G to manage open innovation with their network of preferred suppliers. It has been an important component of P&G's Connect + Develop program.

A Member Firm of Spencer Trask Collaborative Innovations LLC (STCI), inno360 provides a web 2.0 "infostructure" platform consisting of software and services that enable customer organizations to more effectively create and manage collaborative innovation ecosystems, so they can develop and drive innovations to market sooner and at lower overall cost. The platform with its integrated ecosystem offers a revolutionary Innovator Relationship Management (IRM) capability, combining the power of an innovation campaign engine with "collective intelligence" for an overall gain in innovation efficiency internally and globally.

"We're excited about P&G as a key underpinning in our customer community given the level of their open innovation expertise," says Glenn Wienkoop, CEO inno360. "As the long-standing leaders in open innovation, they will be powerful partners in directing and building our world-leading innovation platform. We look forward to working with them for years to come."

About Spencer Trask

Spencer Trask is a leading venture firm discovering and enabling ground-breaking ideas for the 21st century. With a network of co-investors and business leaders, Spencer Trask provides entrepreneurs with financial and intellectual capital to transform bright ideas into world-changing companies. Spencer Trask invests in early-stage and emerging growth companies in the communications, IT and life sciences fields. For more information, visit www.spencertrask.com

About Spencer Trask Collaborative Innovations LLC (STCI)

STCI is focused on a single, overarching goal - to fundamentally change the way they do business by embracing global, interconnected communities of intelligent, imaginative and innovative people. By channeling the raw power of human intelligence and creativity in more efficient ways, our clients seize market opportunities, create business value and drive positive societal change. We call this the 'Innovation Effect'(TM) - driving economic growth and societal gains. Founded by visionary venture capital firm Spencer Trask & Co., STCI and its Member Firms are designed to bring the collaborative innovation revolution to fruition at the world's leading corporations, and government organizations. For more information, see www.stcinnovations.com.

About inno360

inno360 LLC provides the leading global software and service platform for open innovation. A Member Firm of Spencer Trask Collaborative Innovations LLC, inno360 enables clients to build their own proprietary innovation ecosystems. The platform includes access to millions of global innovators and leading-edge technology. The inno360 technology assists with problem definition, Innovator Relationship Management (IRM), innovation campaigns, internal collaboration, deal management, dashboards and metrics. Together, these capabilities and communities provide an unparalleled foundation for organizations to drive top-line growth by tapping the global brain.

SOURCE inno360 LLC