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Norway's Induct Software Names Former FAST Executive as CEO.

Enterprise 2.0-based Service Enables 'Open Innovation' Through Creation of Corporate Innovation Communities; Supports Custom Design, Management, and Measurement of Entire Innovation Process

OSLO & BOSTON -- Induct[TM] Software AS (Induct,) "The Open Innovation Company[TM]," today named David M. Burns, the original CEO of Norway's Fast Search & Transfer (FAST, a Microsoft subsidiary) Inc., as CEO of Induct.

Burns brings more than 30 years of high-tech engineering, marketing, sales, business development, and executive experience to Induct. Now he has reunited with some early members of the FAST team. Together, they are proud to introduce Induct, the first truly integrated Web-based service that supports custom design, management, and measurement of the entire open innovation process.

Open Innovation Architecture

Most of today's innovation solutions are simply software versions of the old corporate suggestion box. They do a good job of supporting idea submittal, evaluation, ranking, and decision making, but they stop there. And combinations of databases, project management, groupware and wikis, were not designed to support open innovation.

Induct will revolutionize the way that companies think about innovation. Based on the work of pioneering professors and consultants in the open innovation field, Induct integrates Enterprise 2.0 technology and social networking concepts with a flexible and customizable innovation process management framework. The result is a 'Software as a Service' (SaaS) platform that allows companies to easily practice true open innovation through the creation of corporate Innovation Communities.

The Innovation Community[TM]

In the past, participation in the innovation process has been limited to company employees. As a true open innovation platform based on social media practices, Induct changes all that. The Innovation Community has no physical limitations, and is infinitely extensible both inside and outside the company. Valuable information vital to corporate competitiveness is often available from customers, resellers, distributors, retailers, vendors, suppliers, manufacturers, contractors, agents, other companies, and even from direct and indirect competitors. Provided that proper security and permissions are granted by the company, all of these constituencies can immediately participate in the corporate innovation process. The result is increased levels of corporate creativity, communication, secure information sharing, and employee collaboration that lead to better decision making.

Induct is a true 100% Web-based 'Software as a Service' (SaaS) application. There is no hardware or software to buy, and nothing to install, update, distribute, back up, or maintain. Most SaaS applications are relatively fixed in their capabilities. However, Induct's patented technology supports the real-time creation and linking of customized ranking and implementation processes to each user-defined type of innovation.

Read the full press release at www.inductsoftware.com

About Induct Software
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Publication:Business Wire
Date:Mar 17, 2009
Words:429
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