6th Sep 2006 10:37
WPP Group PLC06 September 2006 For Immediate Release 6 September 2006 WPP and Big Idea Group set up strategic partnership to provide open source product innovation WPP, the global communications services group, and Big Idea Group ("BIG"), aworld leader in open source product development, have announced a strategicpartnership to offer clients open source product innovation. In addition, WPPwill make a significant minority investment in BIG. The companies will worktogether to help clients find, develop and monetize open source innovationsthrough BIG's networks of independent innovators worldwide. Innovation and branding continue to be the key drivers of like-for-like revenuegrowth for ambitious enterprises to thrive and succeed. With competitionintensifying, the desire of CEOs and CMOs to increase the pace of new productdevelopment is leading them to supplement internal R&D initiatives by tappingthird party groups like BIG. Commenting on the initiative, Sir Martin Sorrell, CEO, WPP said, "In our viewinnovation and branding remains the prime source of growth for our clients -less risky than acquisition. We believe BIG provides a major opportunity for usto deliver product innovation and new ideas for our clients and then be in aposition to brand them." BIG offers one of the world's largest inventor networks - with more than 10,000members - and unique idea discovery programs. Using the format of roadshows,staged worldwide, the company brings together quality innovators, inventions andcompanies looking for new ideas. BIG also runs open source development projectsfor clients, creating more than 60 new products to date for companies such asStaples, General Mills, eToys, Sunbeam, Fortune Brands and QVC, among others. BIG's clients operate principally in consumer packaged goods, food andbeverages, personal media and technology, though the company expects to extendinto other industry sectors with WPP's support. "WPP gives us access and support, plus research and traditional marketingservices," said Michael Collins, CEO of BIG. "And BIG supplies a powerfulinnovation-discovery engine. We're already working together on various clientinitiatives and expanding our innovation services offering." For both parties, the partnership broadens their scope in this rapidly growingspace. Historically, product innovation and development have been onlytangentially addressed by agencies. This investment signals a new businessopportunity for WPP and BIG, addressing a broad range of innovation issues thatclients can pursue separately or comprehensively. Contact: Feona McEwan, WPP +44 (0)20 7408 2204Kevin McCormack, WPP +1 212 632 2239 Mike Collins CEO, BIG [email protected] www.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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