Managed Services, Grand Challenges, Innovation Contests and Multiyear Programs Propel NineSigma's Growth Open Innovation Leader Delivers Business Value for Worldwide Client Base
CLEVELAND, Aug. 21, 2014 /PRNewswire/ -- NineSigma, the leading innovation partner to organizations worldwide, today forecast strong global growth for 2013-2014, resulting from demand for its managed services, Grand Challenges, Innovation Contests, and multiyear programs. This year, the company expects 20 percent and 75 percent growth in revenues and earnings, respectively, as it continues to advance the way organizations innovate.
"Our growth tells us that our unique approach to open innovation delivers business value," said Andy Zynga, CEO of NineSigma. "With thousands of engagements over fourteen years, we continue to create new innovation models to help our clients lead their industries."
Founded in 2000, NineSigma helped pioneer the strategy of open innovation (OI), which enables organizations to speed the development of groundbreaking products, outpace their competition, and tackle problems affecting humankind. Using NineSigma's proprietary OI methodology, they can reach outside their networks for existing solutions, technologies and ideas. They can also tap into NineSigma's worldwide ecosystem of technical and scientific experts, including several Nobel Prize winners.
In 2013, NineSigma worked with 167 clients from the private, public and nonprofit sectors, with the strongest growth coming from the energy, oil and gas and manufacturing industries. New clients represented all parts of the world, from Croatia to Korea.
Many of these clients are tapping NineSigma to help manage their open innovation programs through its online platform, NineSights.com. Samsung Display, Mattel, Pfizer, Xerox, Siemens, Johnson Controls, Kraft, Mondelez, Haier, Agrokor, ICL, Tata Steel, and Ohio Third Frontier have Managed Innovation Galleries on the platform. These galleries enable the companies to post technology needs, collaborate on an ongoing basis with a global network of innovators and drive awareness of their innovation programs.
NineSights also houses NineSigma's Grand Challenges which enable organizations to uncover real solutions to the world's most pressing problems. Recent programs include:
- The CCEMC (Climate Change and Emissions Management Corporation) Grand Challenge to achieve a net reduction of greenhouse gases by one megatonne per year. CCEMC recently awarded CAD$12 million to 24 Round One winners.
- Head Health Challenges sponsored by GE, the NFL and Under Armour to advance understanding of traumatic brain injury, improve protection and diagnostic tools, and track head impacts in real time. One challenge attracted more than 450 submissions.
- The Cisco Security Grand Challenge to secure the Internet of Things. Winners to be announced October 2014.
Innovation Contests on NineSights offer a specialized form of business crowdsourcing. Only highly qualified organizations and professionals are invited to help companies invent, reinvent or improve products at an accelerated pace. General Electric (GE) has already launched four separate contests to tackle everything from 3D printing production, to ergonomic circuit breaker handle designs.
More than $28 million in Grand Challenge prize money has been offered or awarded on NineSights so far in 2014. Millions more in prize money is available through Innovation Contests, Innovation Galleries, and Requests for Proposals.
- NineSigma is completing the second year of the Open Innovation Incentive program with the Ohio Third Frontier, to help mid-market companies leverage open innovation resources. The 31 companies working with NineSigma expect to increase sales by $330 million and to add 180 new jobs in three to five years.
- This year, NineSigma is adding more capabilities and workplace tools to NineSights, as it becomes a focal point for the global community of innovators.
- The company has been named to the Inc. 5000 list for 2014 (its second year on the list) and also won a 2014 NEO (Northeast Ohio) Success Award from Inside Business.
- In May, NineSigma sponsored its fourth Innovation Leadership Summit. Speakers represented PepsiCo, Eaton Corporation, Converse, GE, ExxonMobil, the NFL, Shell Technology Ventures, Vitamix, and Xerox Innovation Group, among others.
NineSigma helps organizations in the public, private and nonprofit sectors find new solutions, knowledge and partners to accelerate the innovation cycle. The leader in creating 'unexpected connections' across industries and technical disciplines, NineSigma has produced billions of dollars in value for its clients. The company also helps for-profit and nonprofit organizations address problems of a global magnitude through Grand Challenges. NineSigma's online community, NineSights®, connects innovators of all sizes with the resources and relationships needed to drive growth. Learn more at www.ninesigma.com or www.ninesights.com.
Dawn Ringel, Warner Communications — firstname.lastname@example.org, (781) 449-8456