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Open Innovation is a research and development concept that acknowledges the importance of using external experts to assist companies with product design. Companies that have garnered the most success from Open Innovation have reportedly developed their own internal project groups to work with knowledgeable outside sources.
According to Becky Williams, vice president of Global Marketing & Business Development, the portal will enhance the programs that LORD currently has in place for Open Innovation. “Two groups, Open Technology Innovation and Business Development, were formed three years ago to help catalyze our innovation efforts,” she said. “Through these groups, we have discovered several interesting technologies that were used to enhance our product lines.”
“Invent with LORD” is intended to make it easier for external idea generators to submit ideas to LORD Corp. The portal, accessed through the company’s website, features links that explain the Open Innovation process, and how visitors can register and submit ideas.
For more information, visit www.LORD.com/innovation/invent-with-lord.