Louisville, Ky., October 18, 2012 — 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.
About Bayer MaterialScience LLC:
Bayer MaterialScience LLC is one of the leading producers of polymers and high-performance plastics in North America and is part of the global Bayer MaterialScience business with approximately 14,800 employees at 30 production sites around the world and 2011 sales of 10.8 billion euros. Bayer MaterialScience's 2011 sales in North America were $2.9 billion. The company manufactures high-tech polymer materials and develops innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction, medical, and sports and leisure industries. Sustainability is central to Bayer MaterialScience LLC's business and is based around the key areas of innovation, product stewardship, excellence in corporate management, social responsibility and respect for the environment.
Thomas Erdner, Phone: 412-777-5200
For more information about Bayer MaterialScience LLC's coatings, adhesives and specialties, call 412-777-3983 or visit www.bmsnafta.com.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Editor's Note: Follow news from Bayer MaterialScience LLC on Twitter: