Hershey is Sweet on Open Innovation
Here’s another sign of corporate America taking open innovation seriously. The Hershey Company, the largest chocolate manufacturer in North America recently hosted its first open innovation conference.
The huge Pennsylvania-headquartered corporation is engaging with open innovation as part of its strategy to drive global growth.
The aim of Hershey’s first Global Partner Summit was to tap into its considerable internal innovation resources as well as its broad supply base to generate new ideas, new capabilities, more sustainable practices and consumer-focused innovations. More than 70 suppliers were involved in the summit.
“Tapping the deep knowledge and great ideas across our company and our business partners will unlock our combined innovation and productivity capabilities,” said John P. Bilbrey, President and Chief Executive Officer, The Hershey Company.
The hope is that the combined insights of internal and external players will lead to long-term sustainable growth for the company and its suppliers. The idea is for all members of Hershey’s innovation ecosystem to benefit.
Hershey has a stated goal to reach $10 billion in net sales by 2017 and it will now host an open innovation summit annually.
Hershey’s Hopes for Open Innovation:
- Increase the number and impact of innovations
- Accelerate the speed to market for new ideas
- Innovate packaging and improve processes
- Expand into new and emerging markets
- Reducing innovation costs
“Establishing a process to better leverage our suppliers’ tremendous R&D resources and capabilities will open up new possibilities for developing breakthrough ideas,” said William Papa, Vice President of Global Research & Development, The Hershey Company.
Reader Comments
Hi! Hope you are having a wonderful day! I have a new idea for a candy bar...it is simple, fun and best of all a little different(but, still part of something people already enjoy). If, interested in hearing about my idea please, send me a signed "non-disclosure form" and I'll be happy to share my idea with you. Hopefully, we'll both be on our way to seeing the latest trend in candy bars! Have a glorious day!
Sincerely,
Jennifer
Posted by Jennifer on August 8, 2014
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