yet2, an open innovation services provider, has opened a new office in Columbus. The Needham, Massachusetts-founded company specializes in generating strategic technology partnerships with companies worldwide.
Bruce Heinrich, Director of Account Management in Columbus, says Ohio’s businesses are prime for open innovation, a process of matching two companies with different needs and capabilities to create a new product efficiently and affordably. He adds that yet2 selected the city of Columbus because of its central location. “I can easily be in my car and travel to Cincinnati, Dayton, Toledo and Cleveland in one to two hours.” They’re also next door to their partners at the statehouse,
Ohio Third Frontier and
Ohio Department of Development.
Heinrich says since the Ohio Third Frontier chose yet2 to deliver open innovation services they are assisting with marketing yet2’s offerings to Ohio-based companies. “The state chose a third party company to market and set up six forums around the state to educate mid market companies about the benefits and practice of open innovation,” he explains, noting that yet2 will be invited to attend these forums.
Since opening in December, yet2 has several companies that are utilizing their search services and expects to add many more in due course. “One of the companies that we’re working with right now is looking to create a new product category and had a need for a technology they could not develop internally,” Heinrich explains. “This product represents a huge market opportunity that would fuel growth in Ohio operations.”
It’s a mutually beneficial relationship that has the potential of connecting Ohio companies with international businesses to speed their time to market at a cheaper cost than working internally. Heinrich provides a hypothetical, saying “If it takes nine months or a year for the open innovation process rather than two to four years to do the [research and development], do all the testing themselves and launch the product, then it will save them money and make the product more profitable in the long run.”
In the end, it’s all about creating jobs and growth in Ohio as yet2 continues to hit the ground running. “You can expect to see a lot more of us out there as we begin to build relationships across the state, proactively seeking customers,” Heinrich notes. “And hopefully hear some success stories and case stories of what’s happening.”
Source: Bruce Heinrich
Writer: Joe Baur