Companies must constantly innovate — in products, technologies and thinking — to meet the ever-changing needs of markets and customers. Bayer MaterialScience LLC has incorporated "open innovation" into its strategy to encourage and facilitate new product development.
Bayer defines open innovation as tapping into knowledge, expertise and assets — as well as capabilities — from external sources to help address the needs of its customers.
After embracing the open innovation concept, Bayer faced a challenge to develop tools and methodology that make open innovation more effective. To do so, Bayer began leveraging its technical expertise and operational excellence into its approach to business development efforts — the Diamond Process.
Dr. James Thompson-Colón, head of the Innovation Office, Coatings, Adhesives and Specialties, will present "Open Innovation at Bayer MaterialScience" at 9:15 a.m., Monday, Oct. 22, during the Business Development — Innovation & Commercialization session at the Adhesive & Sealant Convention 2012 Fall Conference and Expo.
In his presentation, Thompson-Colón will describe some of the practical insights learned as Bayer implemented the open innovation concept. He will explain the improved Bayer process step by step: identify a market problem, form an economic value proposition and solicit feedback about the value proposition from parties throughout the value chain. Thompson-Colón will also describe how the improved Diamond Process may pave a path to increased opportunity for Bayer customers and their customers, too.
"We believe that working together with customers and industry partners can help Bayer identify unmet needs, develop technology solutions and commercialize products faster and more efficiently," says Thompson-Colón.