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Dr. Henry Chesbrough Named Head of Induct Academic Advisory Board.

Author Of 'Open Innovation' To Help Determine Strategic Direction Of Company

OSLO & BOSTON -- Induct Software AS (Induct), "The Open Innovation Company[TM]," is pleased to announce that Professor Henry Chesbrough will be heading its Academic Advisory Board.

In this role, Dr. Chesbrough will work with Induct executives on a wide range of issues including strategic direction, product and market strategy, and furthering the spread of open innovation practices across the business community. Dr. Chesbrough will also be a liaison between Induct and the open innovation academic community.

Dr. Chesbrough has been described by the Economist[R] as the "Godfather of Open Innovation." His pioneering book, "Open Innovation," has altered the way companies think about the innovation process, and he is widely regarded as a leading figure in the open innovation community.

In March 2007, Induct founder Alf Martin Johansen, while participating in an MBA study tour arranged by BI Norwegian School of Management, attended a lecture on open innovation at UC Berkeley by Professor Chesbrough. Other lectures suggested that Web 2.0 concepts, such as online consumer-oriented collaboration services, would be moving into business applications, and that Web 2.0 and 'Software as a Service' (SaaS) were "hot" areas of interest for entrepreneurs and investors.

Combining these insights, Mr. Johansen returned to Norway with the idea of building a Web 2.0-based open innovation management system delivered as a pure SaaS application. Since then, the Induct team has conducted over 200 interviews with small and large Scandinavian companies to determine how they are managing innovation and to understand their needs. The input and knowledge obtained from these interviews has been built into Induct, the first fully customizable SaaS solution designed to manage the entire open innovation process.

"I'm delighted that Alf chose to use my ideas about open innovation as the inspiration behind Induct," said Dr. Henry Chesbrough. "Induct has created a highly useful, end-to-end innovation tracking process and wrapped it in a very distinctive business model. Induct's unique offering allows companies to create Innovation Communities[TM] in which the entire open innovation process, both inside and outside, can be custom designed and managed. It also enables consultancies to deliver innovation management processes to their clients via Induct's software. Induct will appeal to companies that want to transition to open innovation, and to in-house innovation experts or innovation consultants that need tools and processes that can be customized to fit their own innovation process."

"A lot of the vision behind Induct was inspired by Henry's work on open innovation," said Alf Martin Johansen, Chairman and founder of Induct. "In our interviews, we found that over time, companies had built up somewhat of a random approach to innovation management. Many did not have a consistent strategy and were using products that tracked only internal ideas and projects, ignoring the outside world. Others were intrigued by the promise of open innovation, but didn't know quite how to begin the transition. We built Induct to facilitate the growth of open innovation and to meet these market needs."

About Professor Henry Chesbrough

Henry Chesbrough is Executive Director of the Center for Open Innovation at the Haas School of Business at UC Berkeley. Previously, he was an assistant professor of business administration, and the Class of 1961 Fellow at the Harvard Business School. He holds a Ph.D. in Business Administration from the University of California-Berkeley, an MBA from Stanford University, and a BA from Yale University, summa cum laude.

His research focuses on managing technology and innovation. His book, Open Innovation (Harvard Business School Press, 2003), articulates a new paradigm for organizing and managing R&D. In this new approach, companies must access external and well as internal technologies, and take them to market through internal and external paths. This book was named a "Best Business Book" by Strategy & Business magazine, and the best book on innovation on NPR's All Things Considered. Scientific American magazine named him one of the top 50 technology and business leaders in recognition of his research on industrial innovation. An academic version of open innovation, Open Innovation: Researching a New Paradigm, with Wim Vanhaverbeke and Joel West, was published in 2006 by Oxford University Press.

His most recent book, Open Business Models (Harvard Business School Press, 2006), extends his analysis of innovation to business models, intellectual property management, and markets for innovation. It was named one of the ten best books on innovation in 2006 by BusinessWeek, and is being translated into six languages.

Prior to embarking on an academic career, he spent ten years in various product planning and strategic marketing positions in Silicon Valley companies. He worked for seven of those years at Quantum Corporation, a leading hard disk drive manufacturer and a Fortune 500 company. Previously, he worked at Bain and Company.

About Induct Software AS (www.inductsoftware.com)

[c]2009 Induct Software AS - Induct [TM], Innovation Community[TM], Innovation Communities[TM], The Open Innovation Company[TM], and the Induct four-colored logo are trademarks of Induct Software AS. Copyright [c] Induct Software AS. All rights reserved. The Economist is a registered trademark owned by The Economist Newspaper Limited Corporation. All other trademarks are the property of their respective owners.
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Publication:Business Wire
Date:Mar 31, 2009
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