It's a bold move by P&G - taking help from outside to develop product ideas and share intellectual property rights!
The development programme, called Open Innovation Challenge, is a pilot collaboration between the National Endowment For Science, Technology and the Arts, British Design Innovation, Oakland Innovation and P&G. If it is successful, more large companies will pledge their interest.
Participants will be invited to submit proposals for products which fit P&G's criteria and have the potential to build businesses worth over $100m (£50m). To protect their intellectual property, the ideas won't be seen by P&G, but will be reviewed by Nesta, BDI and Oakland Innovation.
Ten of the most promising proposals will be selected and entrants given access to feedback, advice and up to £25 000 so their ideas can be developed to a stage where they demonstrate commercial viability.
Up to five of the strongest applicants will then have the chance to present their finalised ideas to P&G. The fmcg giant will have 90 days in which to decide whether to invest in the idea and sign appropriate contracts, otherwise the creator will be free to take their proposition to other brands, or investors. As is customary in such cases, the innovator will retain its IP in either instance.
Is this the shape of things to be expected, when companies plan product development in the future?