Pretoria, Thursday 5 December 2013 – A leading African manufacturer of health and beauty products South Africa has launched a new challenge on the Open Innovation Solution Exchange, a platform hosted by The Innovation Hub, South Africa in Pretoria. The health and beauty manufacturing company is actively researching the field of single, unique solutions for creating even-toned, smooth, long-lasting matt (oil-free) facial skin and is looking for innovations to either use in combination with their own solutions or a new one that can create further breakthroughs in the market.
The Innovation Hub, Africa’s first internationally accredited Science and technology park is a subsidiary of the Gauteng Growth and Development Agency (GGDA), an agency of the Gauteng Department of Economic Development.
The Innovation Hub’s Open Innovation Solution Exchange platform was launched in November 2012. The first eight challenges posted during the pilot phase run between November 2012 and May 2013 drew numerous responses; from small to medium enterprises (SME’s), universities, research institutes and both local and international companies. The majority of challenges were successfully matched with solutions leading to either joint ventures or purchase agreements between challenge owners and the solution providers.
The health and beauty challenge was posted anonymously due to the competitive nature of the industry and the potential business value that the solution may bring. The Innovation Hub’s CEO, Mr McLean Sibanda said, “this challenge from a leading African manufacturer of health and beauty products shows confidence in the Solution Exchange Platform as a key enabler of open innovation in Gauteng and increasingly in the rest of South Africa. Open innovation complements our value offering as a science and technology park and is one of the tools used to fulfil The Innovation Hub’s mandate as an innovation catalyst for a smart province This platform has already demonstrated value contribution to both public and private enterprises, incerased awareness and understanding of open innovation as South Africa gears up to compete in the knowledge economy.”
Open innovation has become an established management practice throughout the world. Whilst the benefits of open innovation supporting multi-helix collaboration are clear, there remains some scepticism around Intellectual Property issues, credibility and mediation roles. It is in this regard that The Innovation Hub has taken the lead in providing a neutral platform for bridging the innovation chasm; providing advisory services on deal engagement, as well as facilitating collaboration amongst government, industry and academia whilst leveraging on global innovation partnerships. This new challenge represents a significant opportunity for potential solution providers from universities, research institutes, SMEs and large entities across the country.
Proposals are invited from individual inventors, scientists, SME’s, research and academic institutions, universities and companies. Interested parties are encouraged to register and submit their responses online at www.exchange.theinnovationhub.com. The response deadline is 31 January 2014.
Solution seekers looking to post challenges on the platform should contact the Open Innovation Solution Exchange resource team at The Innovation Hub, or go to http://www.exchange.theinnovationhub.com/site/.