CLEVELAND, Feb. 26, 2013 /PRNewswire/ -- NineSigma, Inc., of Cleveland, the leading innovation partner to organizations worldwide, announced today they will work with Cleveland, OH-based Oatey Co. under the Ohio Third Frontier Open Innovation Incentive (OII) Program. NineSigma was awarded a grant by the State of Ohio to help middle market companies, with revenues between $10 million and $1 billion, accelerate time to market and reduce development costs through open innovation. The Ohio Third Frontier OII Program was established to foster growth that will lead to job creation and build a competitive advantage for Ohio companies.
A leader in the plumbing industry since 1916, Oatey manufactures and distributes an unmatched array of more than 6,000 plumbing products. Its stable of brands includes Hercules® plumbing chemicals, Cherne® underground and testing equipment, Dearborn® tubular and bath waste products, in addition to its own Oatey-brand of plumbing supplies.
"To stay competitive, manufacturers and distributors in every industry are embracing open innovation, and Oatey is a clear example of the trend. This company has been supplying quality plumbing products since 1916, and continues to invest in innovation in order to remain a market leader. We look forward to supporting them by identifying new materials and technology solutions from across industries that will further increase their products' value," said Andy Zynga, CEO of NineSigma.
Open innovation involves "looking to the outside" for technologies, solutions, partners and ideas to accelerate the development of new products and services. Through the Open Innovation Incentive, NineSigma is working closely with middle market companies to complement their internal R&D capabilities and create custom external innovation networks to directly address their technology needs. The State is assisting these middle market companies by funding half of the transactional costs of engaging an open innovation company.
NineSigma connects organizations with external innovation resources to accelerate innovation in private, public and social sectors. The company provides open innovation services to organizations worldwide, including Kraft Foods, Philips, Siemens, and Unilever, to solve immediate challenges, integrate new knowledge, fill product pipelines, and stay ahead of the competition. Named to the 2012 Inc. 5000 list of fastest-growing private U.S. companies, NineSigma's proprietary process has produced billions of dollars in value for its clients. NineSigma has the largest open global network of solution providers and an extensive database of existing solutions spanning numerous industries and technical disciplines. NineSigma's online innovation community, NineSights®, is the world's first open innovation social media destination, connecting innovators of all sizes with resources and relationships to drive growth. Learn more at www.ninesigma.com and www.ninesights.com.
Jackie Lucas, Warner Communications — firstname.lastname@example.org, (978) 255-1159
SOURCE NineSigma, Inc.