WPP has announced a strategic partnership with Big Idea Group (BIG) to help clients find, develop and monetise open source innovations through BIG’s networks of independent innovators worldwide.
BIG is one of the world’s largest inventor networks, with more than 10,000 members. 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.
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.
In addition, WPP has agreed to acquire 30.1% of BIG, with WPP saying that this investment continues its strategy of developing its comprehensive offering to clients in fast growing markets and sectors.
Commenting on the partnership, Sir Martin Sorrell, WPP chief executive, 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.”
Michael Collins, chief executive officer of BIG, said: “WPP gives us access and support, plus research and traditional marketing services and BIG supplies a powerful innovation-discovery engine. We’re already working together on various client initiatives and expanding our innovation services offering.”
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