Posted by: marisadedios | 1 October, 2009

INNOVATION: BUSINESS SPEED DATING

What did I tell you? Speed dating is also becoming popular  among businesses

Read this article from http://www.venture2.net and watch the videos related.

Large Companies Embrace Innovation “Speed Dating”

P&G and Others Use Unique Method to Connect with Entrepreneurs for

New Product Ideas

Companies like The Procter & Gamble Company (NYSE: PG) that are known for robust product development and strong new product innovation programs are borrowing from a social phenomenon to find new ideas: the speed date.

The innovation speed dating format for business shares similarities with romantic speed dating: rapid-paced, non-committal introductory sessions, followed by more in-depth sessions or a “second date”. However, instead of trying to match romance-minded partners, innovation speed dating events bring together large companies, and/or their partners, (the innovation seekers) to meet with a group of entrepreneurs (the innovation providers) to see what opportunities exist and what business relationships might develop. “I will admit that of all the ways we connect and develop, speed dating may be the most unusual,” said Tom Cripe, P&G’s associate director of external business development. “But so far it has been very effective in identifying opportunities that we might not uncover otherwise. Speed dating helps us start relationships with entrepreneurs that may well grow into licensing agreements and new products.” Other leading companies such as GlaxoSmithKline and Kimberly-Clark have also benefited from this unique approach.

Michael Docherty, CEO of open innovation services firm Venture2, created the innovation speed dating approach to help fill the voracious innovation needs of large companies by connecting them with inventors, while, in turn, giving entrepreneurs hard-to-come-by access to corporate decision makers. Docherty said he experienced the creative chasm that exists for large companies when he led product development for Sunbeam. “Innovation is the source of real business growth. And multi-national corporations need to innovate to keep up with the rapid pace of changing technology and changing consumer demands. Forward thinking companies, recognize that to find the best new ideas, you need to continue to innovate with your open innovation processes,” Docherty said. Innovation Speed Dating benefits both leading companies and entrepreneurs. It is based on a rigorous global technology scouting effort that is designed to maximize the chance of great matches being made. The dating events themselves create a level playing field that helps to build relationships between large companies who are seeking innovation and the entrepreneurs who are creating it.


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Responses

  1. Very interesting! I didn´t know there was something like that happening!

  2. Speed-dating could be a good way of making contact with entrepreneurs and potential clients. It is a quick and fun way of meeting people with similar interest. Although, I question the quality of the contacts that you’d make in that meetings.

  3. i think that is very funny and also is very useful for the companies because they can to meet with others companies and “copy” or take new ideas… 😉

  4. For me speed dating in business area is a good idea because it´s useful to know new ideas and to create a network of new investors.
    On the other hand, the other “kind” of speed dating, I don´t like… The traditional way of meeting new people is better (one person… more time…) 😉

  5. I think this game is good to get a global idea of what succeeds in the marketplace. If you’re interested, you can have a deeper contact with those that have attracted your attention.


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