LORD Corporation Announces New Web Portal For Its Open Innovation Program
By: Kimberly Kayler , 614-873-6706
(Cary, NC — 11/01/2011)
LORD Corporation – a leader in the management of motion, vibration and noise, and a supplier of adhesive products – has announced a new Web portal, "Invent with LORD," to support its existing Open Innovation program. The new Web portal will increase the pace of innovation, in targeted areas, by improving LORD Corporation's ability to leverage outside resources.
Open Innovation is a research and development concept that acknowledges the importance of using external experts to assist companies with product design. The companies that have garnered the most success from Open Innovation have developed their own internal project groups to work with knowledgeable outside sources.
According to Becky Williams, vice president, Global Marketing & Business Development at LORD Corporation, the portal will enhance the programs that LORD Corporation currently has in place for Open Innovation. "Two groups, Open Technology Innovation and Business Development, were formed three years ago to help catalyze our innovation efforts. Through these groups, we have discovered several interesting technologies that were used to enhance our product lines," Williams noted.
"Invent with LORD" will make it easier for external idea generators to submit ideas to LORD Corporation. The portal, accessed through LORD Corporation's Web site – LORD.com/innovation/invent-with-lord - features easy to navigate links that explain the Open Innovation process, and how submitters can register and submit an idea. It will provide a clear entry point for external contributors.
"Our involvement with Open Innovation cuts across all our product lines, all businesses, all market segments, from adhesives to coatings to motion control," explained David Rucker, Business Development Manager for LORD Corporation. "The portal will give us an opportunity to tell a much broader audience about some of our needs and help them to reach us directly with their ideas."
Once an invention, technology or product idea is submitted to LORD Corporation, it will go through a review and evaluation process to determine if it meets the criteria for further development. Anyone can submit suggestions through the portal including people from academia, industry, research institutions and consulting organizations. Customers and suppliers are also encouraged to partake in the Open Innovation process.
"We have a long history of working with external individuals in developing product solutions," commented Ian Quarmby, Senior Innovation Scientist, Open Technology Innovation at LORD Corporation. "We are looking to work with inventors from around the world to help us get much needed products and services to market more quickly."
For more information or to browse our need statements to see if your innovative technology is a fit, visit us at www.LORD.com/InventwithLORD or follow us on twitter at www.twitter.com/InventwithLORD.
About LORD Corporation
Founded in 1924, LORD Corporation is a privately-held company that designs, manufactures and markets mechanical devices and electromechanical systems to control vibration, motion and noise; formulates, produces and sells general purpose and specialty adhesives, coatings and electronic materials; and develops products and systems utilizing magnetically responsive technologies. With headquarters in Cary, N.C., and sales in excess of $720MM, LORD has manufacturing in nine countries and offices in more than 15 major business centers. LORD Corporation employs more than 2,700 worldwide. Visit www.lord.com for more information.
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