Multi-National Manufacturing Company Embraces Open Innovation
Exciting news is rippling through the chemical industry as multinational Israeli manufacturing company Israel Chemicals Ltd (also known as ICL) has announced that it is embarking on an open innovation program to accelerate its development of sustainable new products and processes.
The firm is hoping that reaching out to expertise beyond its borders will drive future growth.
According to reports, ICL is going to earmark several million dollars per year to open innovation and it will be seeking projects from a number of different sources. Principally, these will be academic and research institutions, technology cooperatives and venture capital funds.
Exciting Future
ICL president and CEO Stefan Borgas said, “We are excited to launch a program that opens our company to the full range of knowledge, creativity and initiative available throughout the world – a path that will help us develop the innovative new products and processes needed to address global needs and to drive our future growth.”
The multi-national has said that it will select a number of projects and programs from external sources and evaluate each one’s suitability, particularly in such areas as water, fertilizers, food supply and/or special chemical applications.
Each project that it adopts will be supported and supervised by an ICL segment.
Important Strategy
The company now views open innovation as an important, if not vital component of its research and development activities. Stefan Borgas continues:
“This is an important component of our strategy to assure ICL’s standing as a leader who improves the world in which it operates, addressing the challenges created by expanding global populations and increasing environmental awareness.
“By embracing the Open Innovation approach, we will bring the best of the world’s innovation into the company, from wherever it originates.”
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