PDMA Announces Corning Incorporated and DuPont as 2008 Outstanding Corporate Innovators 08:37 a.m. 08/13/2008 Provided by
MOUNT LAUREL, N.J., Aug 13, 2008 /PRNewswire-USNewswire via COMTEX/ -- Awards to be presented at PDMA's 32nd Annual International Conference in September
The Product Development and Management Association (PDMA), the leading advocate and comprehensive resource for the profession of product development and innovation, today announced the winners of its 2008 Outstanding Corporate Innovators (OCI) award. Corning Incorporated and DuPont will receive the OCI Award on September 15 at PDMA's annual International Conference at Disney's Contemporary Resort in Orlando, Fla.
PDMA members nominated more than 20 global candidates for this year's OCI Award. Winning organizations demonstrate exceptional skill in continuously creating and capturing value through new product and service development.
"Corning Incorporated and DuPont demonstrate an enterprise-wide commitment to innovation and are highly successful in the continuous development of profitable new products and businesses," said Stan Jankowski, chair of PDMA's OCI award selection committee and President of N.O.V.A Consulting Co. "The practices employed by each of these companies, leading to their selection as OCI winners, will provide significant learning experiences for the new product development community when the recipients share them at the International Conference."
Return to Profitability via a Renewed Innovation Strategy
When the telecom bubble burst in 2000/2001, Corning Incorporated, a 150-year-old company and the inventor and world's leading supplier of optical fiber for communications, had to shrink by a factor of two in headcount, retrench its operations, and devise a plan for continuing to drive growth and profitability through innovation. Corning accomplished just that by building on a decades-old culture of innovation and adopting a corporate strategy and "recipe" for innovation, driven and communicated from the top down, within a framework of strong corporate governance and portfolio management. The innovation strategy is supported by an entrepreneurial, risk-tolerant culture, focused on deep front end market understanding to drive technical development, and use of a detailed product development process. The PDMA judges found Corning's front end "Magellan Process," for identifying, screening, and developing opportunities into a business proposition, to be of learning value for PDMA members. Corning's business success and return to profitability resulting from this strategy are remarkable, and today more than 70% of Corning's revenue results from products introduced in the past five years.
"Corning's business success and return to profitability resulting from this strategy are remarkable, and today more than 70% of Corning's revenue results from products introduced in the past five years."
No brainer for long term investors.
The amount of money Corning puts into R&D is staggering.
10% of their surging revenues (not profit) are poured back into developing future products.