After years of investment and research, Valeo created successful products using a concept developed by Proctor & Gamble. As the company struggled to keep up with consumer needs, the CEO opened the company to outside ideas with the Connect and Develop program. Laura Becker explains how the platform allows Proctor & Gamble to form diverse relationships that accelerate innovation.
Paris company, InProcess, emphasizes observation of customers for development of new products and services. Pascal Pompei de Warrens explains that behaviors change faster than basic products, so noting these changes can help create precise developments. Through social networks and consumer associations, customers are becoming more important for innovation and product development.
Navi Radjou explains that innovation does not require a huge investment; instead, companies should focus on consumer needs and attempt to see opportunity in limitations. In Nairobi, Kenya, where most people do not have bank accounts or internet access, Nzioka Waita developed a bank that allows transfer of small amounts of money via SMS messaging.
Credits: Innovation Has Its Own Revolution
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To go fast and spend less, companies are reinventing the ways they innovate. To discover these new trends, we visit Procter & Gamble’s headquarters in Cincinnati, Ohio. This consumer goods giant is one of the pioneers of open innovation, a global trend that is disrupting the classical codes of innovation. From there we head to Nairobi, Kenya, to try to understand how a small phone service provider has managed to create a money-transfer system using mobile phones. This achievement is a spectacular example of frugal innovation: how to do more with less—a method that is increasingly influencing global managers.
Length: 22 minutes
Copyright date: ©2016
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