WPP Group PLC
06 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"), a
world leader in open source product development, have announced a strategic
partnership to offer clients open source product innovation. In addition, WPP
will make a significant minority investment in BIG. The companies will work
together to help clients find, develop and monetize open source innovations
through BIG's networks of independent innovators worldwide.
Innovation and branding continue to be the key drivers of like-for-like revenue
growth for ambitious enterprises to thrive and succeed. With competition
intensifying, the desire of CEOs and CMOs to increase the pace of new product
development is leading them to supplement internal R&D initiatives by tapping
third party groups like BIG.
Commenting on the initiative, Sir Martin Sorrell, CEO, WPP said, "In our view
innovation and branding remains the prime source of growth for our clients -
less risky than acquisition. We believe BIG provides a major opportunity for us
to deliver product innovation and new ideas for our clients and then be in a
position to brand them."
BIG offers one of the world's largest inventor networks - with more than 10,000
members - and unique idea discovery programs. Using the format of roadshows,
staged worldwide, the company brings together quality innovators, inventions and
companies looking for new ideas. BIG also runs open source development projects
for clients, creating more than 60 new products to date for companies such as
Staples, General Mills, eToys, Sunbeam, Fortune Brands and QVC, among others.
BIG's clients operate principally in consumer packaged goods, food and
beverages, personal media and technology, though the company expects to extend
into other industry sectors with WPP's support.
"WPP gives us access and support, plus research and traditional marketing
services," said Michael Collins, CEO of BIG. "And BIG supplies a powerful
innovation-discovery engine. We're already working together on various client
initiatives and expanding our innovation services offering."
For both parties, the partnership broadens their scope in this rapidly growing
space. Historically, product innovation and development have been only
tangentially addressed by agencies. This investment signals a new business
opportunity for WPP and BIG, addressing a broad range of innovation issues that
clients can pursue separately or comprehensively.
Contact:
Feona McEwan, WPP +44 (0)20 7408 2204
Kevin McCormack, WPP +1 212 632 2239
Mike Collins CEO, BIG mikeC@bigideagroup.net
www.wpp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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