Under the agreement, Innovaro will assist the client in developing, selecting, and implementing new business ideas and opportunities within high-priority domains. This agreement represents the third project phase of Innovaro’s relationship with the client, which has been ongoing for the past year. During this phase, several new business models will be created and tested to validate the opportunities in the marketplace. In addition, the client’s processes, systems, and metrics will be evaluated and changes will be implemented to promote innovation. Open innovation techniques, like crowd sourcing and electronic marketplaces, will play a role in the identification of blockages and remedies as will an examination of best practices for key innovation value chain steps. In this phase, the joint client-Innovaro team will further extend the reach of the project within the employee population of the client; and by the end of this phase more than 2000 employees will have been involved directly in opportunity development workshops and projects.
This phase is planned for completion within the first half of 2011. The value of the agreement to Innovaro is approximately $3.35 million for the provision of its services under the agreement, which will bring the total value of the relationship with Innovaro in connection with the project to approximately $6 million.
Gary Getz, the Strategos Managing Director leading the effort, said, “We are very pleased to have the opportunity to take on this next phase of work, helping a major Asian company to continue its transformation from utility telecom operator to global innovation leader. It is particularly exciting to be working with such a large proportion of client employees in an active collaboration.”
About Innovaro, Inc.
Innovaro, Inc. is a comprehensive end-to-end innovation solution provider. With fully scalable solutions, whether for a global 1000 company or small R&D lab or university scientist, we help our clients create breakthrough innovation, realize latent value in their IP and accelerate their innovations to market. Leading companies trust us to create profitable growth, new revenue streams, enduring capabilities and lasting value through innovation. For more information about us, please visit our website at www.innovaro.com.
Forward-Looking Statements
Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expects,” “should,” “believes,” “anticipates” or words of similar import. Certain factors could cause actual results to differ materially from those projected in these forward looking statements and these factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release is available on Innovaro’s website www.innovaro.com.
Innovaro, Inc.
Tania Bernier, 813-754-4330 x223