State of Ohio and NineSigma Create Successful Model for Statewide Innovation to Build Economic Growth and Create Jobs
CLEVELAND, Oct. 9, 2013 -- NineSigma, Inc., of Cleveland, the leading innovation partner to organizations worldwide, today applauds the success of the Ohio Third Frontier Open Innovation Incentive (OII) Program halfway through an impressive 2-year program.
The total projected increase in sales for NineSigma clients who engaged in the OII program is $224,000,000 annually over the next 3-5 years. These companies also estimate the program will lead to the creation of 70 new jobs in areas including sales, administration, and manufacturing.
Open Innovation empowers organizations to find and collaborate with companies, academic research centers, and inventors beyond their organizations and their industries, to tap new technologies. This helps them reduce research and development costs, bring innovative products to market more quickly, and move ahead of competitors from around the world. Last year, NineSigma received a $2 million grant from the Ohio Third Frontier to make it easier for local mid-market companies to leverage its services. The goal of the program is to foster corporate growth that sparks additional job creation within the state.
So far, 18 companies have signed-on to the program, and 25 projects have been initiated as a result. These companies represent diverse industries including aerospace & defense, automotive & transportation, building & construction, consumer products, chemicals & materials, food & beverage and manufacturing.
"The world is a big place and no one company has connections to the entire world," said Paul Bizzarri, Vice President of Innovation, TimberTech. "However, NineSigma and the open innovation process provide an excellent structure for casting an opportunity or problem more effectively into that world-wide marketplace."
NineSigma is helping these clients identify precise technologies or solutions they need, and then tapping its network of millions of solution providers to find the right matches. In response to requests, proposals have originated from four continents and 25 different countries, including Nigeria, Latvia, Slovenia, Malaysia, and Georgia. Some examples of searches these clients have conducted include protective thermal insulating coatings for touchable surfaces, noise reduction technology for vacuum systems, and anti-microbials for aqueous-acrylic film forming systems.
NineSigma CEO Andy Zynga said, "By funding half of the costs of engaging an open innovation intermediary, the State of Ohio is tangibly supporting middle market companies in a way that will benefit the entire state. We see this as a successful model for other states to adopt in their efforts to boost their own economic vitality and foster long-term job growth."
To learn more about needs that organizations are seeking to fulfill through the program, visit the Ohio Third Frontier Gallery on NineSights, NineSigma's open innovation/social media platform for solution providers and seekers.
NineSigma is hosting its 4th Innovation Leadership Summit May 14-16, 2014 in Cleveland, Ohio. In conjunction with the conference, NineSigma will hold a workshop titled "Open Innovation as a Driver for Growth in Middle Market Companies." For more information and to register, visit NineSigma .