SEATTLE, Sept. 28, 2016 /PRNewswire/ -- Xinova, the new name for the company formerly known as Invention Development Fund (IDF), launches today under new management and as an independent entity focused on cultivating the efficient development of breakthrough innovation. The company has formally spun out of Intellectual Ventures.
Through its best-in-class global network of more than 10,000 multidisciplinary experts focused on the creation and deployment of innovation, Xinova launches with a mission and unique methodology geared towards enabling R&D in a climate where innovation has become increasingly difficult.
Comprised of scientists, inventors, researchers as well as business development experts, policy makers, investors and marketers, Xinova's network helps companies to think beyond their organizational confines and solve their biggest R&D challenges.
Led by Thomas Kang, former CEO of Seoul Securities, Xinova launches with customers including Japan-based electronics giant Funai Electric, architecture firm and sustainable building innovators CollinsWoerman, and service provider to the Australian red meat industry, Meat & Livestock Australia (MLA).
Joining Xinova's board of directors as Chairman is Jorma Ollila, former Chairman of Royal Dutch Shell and former Chairman & CEO of Nokia. He joins Kang in leading Xinova's growth across its locations in the US, Japan, Korea, China, India, Singapore, Australia, Germany, and Israel.
"As a global company with a rich history of technological breakthroughs, we bring scale, economy and efficiency to the process of innovation," said Thomas Kang, CEO. "Our customers gain access to a diverse network of the best minds in their industry and beyond, while our community of innovators is able to maximize the value, longevity, and reach of their ideas."
As Xinova, the company will continue to grow its client roster of multinational corporations, while bolstering its own investment in innovation. Since inception, the organization has cultivated innovation in sectors including IT, agriculture, food and beverage, manufacturing, and biotech.
Xinova and its partners have developed breakthrough innovations that include using audio waves to contain corrosive gases, improving the efficiency of mining precious metals, and pioneering an environmentally-friendly system for building new office structures.
Xinova has also incubated businesses from inception to commercialization, including Seattle-based Coffee Flour, which produces a gluten-free nutritional flour from the byproduct of coffee production, Sublime, a company developing a unique modular washing unit for the clothes closet, and QSense, a company that invented and built an air-quality monitor and data-sharing platform that provides real-time, location-specific information.
"I believe innovation is the next geo-political resource that must be made accessible, more affordable and more competitive," added Jorma Ollila, Chairman. "The world needs an infrastructure for Innovation and that is what I see in Xinova – a network that provides all the elements required to truly innovate flexibly and nimbly, whether for large or small companies, and even governments."
Xinova partners with customers and inventors to think beyond the confines of their organization and solve big problems. Operating in nine counties worldwide, Xinova is comprised of more than 80 experts, including PhDs, product and commercialization experts, business analysts, and intellectual property experts. At its foundation, Xinova manages its Innovation Network, a community of over 10,000 multidisciplinary experts from more than 30 countries, residing at more than 100 companies, institutions, and universities around the world. With a client base representing global Fortune 500 companies, small- and medium-sized enterprises, as well as start-ups, Xinova's portfolio of innovations and incubated spinouts cover a wide range of technology sectors, including food and beverage science, agriculture, manufacturing, electronics, and biotech.
For more information about Xinova please see www.Xinova.com