Thursday, March 20, 2008

General Mills shows innovation pays off

According to a post at the Endless Innovation blog a year ago, General Mills was looking to increase innovation in their stable market of food products. This open innovation announcement was made in April of 2007. They focused on such things as baking products, cereal, frozen vegetables and other standard food products that they produce. They opened an innovation hotline for potential partners who wanted to help them collaborate and make better products. So did this work?

Today, in Forbes, General Mills has announced that their goals to make healthier food options by collaborating and innovating with other companies have increased their sales profit of 9.7%. Their profit for the third fiscal quarter was $3.4 billion. CEO Ken Powell knows that innovation as the reason

"Our product innovation and consumer marketing investments are driving strong growth on the top line," said Chief Executive Officer Ken Powell.

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