Unique Open Innovation Incentive Program Expects To Create Over 350 Jobs and Overall Revenue Growth Exceeding $450M
CLEVELAND, Ohio, August 31, 2015, — NineSigma the leading innovation partner to companies worldwide, will help drive over $450M in estimated overall revenue growth and anticipates the creation of over 350 new jobs through the Ohio Third Frontier Open Innovation Incentive (OII).
In 2013, the State of Ohio awarded NineSigma a grant of over $2 million to accelerate adoption of open innovation among Ohio companies between $10 Million and $1 Billion in revenues. To date over 45 middle market companies have worked with NineSigma to reach beyond their existing networks to collaborate with companies, inventors, research centers, and universities around the world to accelerate the development of new products and services.
“This initiative has been successful on many levels. We expect other states will see it as a model for incentivizing innovation and helping regions be more globally competitive, more attractive to companies, and more robust economically,” said Andy Zynga, NineSigma CEO.
Through this program, more than 600 solution proposals have been received to address participating companies’ most pressing needs. This is helping them advance innovations faster and grow more efficiently. Overall, it is forecasted that 350 jobs will be created over 3-5 years as a result of the program, along with an average per project revenue growth of $10 Million.
The Knowlton Development Corporation, KDC, is a leading North American contract manufacturer and custom formulator for the Consumer Goods Industry and is a participant in the program. The company engaged NineSigma in late 2014, and outcomes were so successful that KDC purchased another state-subsidized project to address a new, business-critical need.
Séverine Mathé, VP of Market Development & Innovation at KDC, said “NineSigma has created new opportunities for us to engage in meaningful relationships with organizations we never would have known existed if not for the program. Promising solutions are coming forth already, which can be applied to our most important challenges.” She adds, “When a company has a pressing need and has done their homework and realizes it does not have all the answers internally to a very complex challenge – OI is a great approach to gain new perspective, new solutions and value.”
Technologies addressed through the program span industries from mobile technology, agriculture and automotive to packaging, energy and construction. To learn more, download NineSigma’s infographic.
To view open technology needs from participating companies, visit the Ohio Third Frontier Gallery on NineSights, NineSigma’s online innovation platform where solution seekers and providers connect.
The Open Innovation Incentive program will run through December 31, 2015.
Tweet this: #Innovation partnership opportunities available! #Ohio Third Frontier Gallery on #NineSights http://9sig.co/1TY2n4I
NineSigma connects organizations with external innovation resources to accelerate innovation in private, public and social sectors. NineSigma has the largest open global network of solution providers and an extensive database of existing solutions spanning numerous industries and technical disciplines. Learn more at www.ninesigma.com or www.ninesights.com.
About Ohio Third Frontier
The Ohio Third Frontier is an unprecedented and bipartisan commitment to create new technology-based products, companies, industries, and jobs, has attracted more than $7.3 billion in other investments to Ohio, and has a nearly 9:1 return on investment since its inception. The Ohio Third Frontier has also assisted in the creation and retention of more than 88,000 direct and indirect jobs for Ohioans. For more information, visit ohiothirdfrontier.com.
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