P&G Sets Two New Goals for Open Innovation Partnerships

Company Seeks To Triple the Impact of Connect + Develop

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Oct 28, 2010, 08:00 ET

CINCINNATI, Oct 28, 2010 /PRNewswire-FirstCall/ -- The Procter & Gamble Company (NYSE: PG) today announced goals to triple the impact of its Connect + Develop open innovation program and to become the Partner of Choice for external innovators.

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Speaking at a dinner in Cincinnati for 150 of P&G's top innovation partners, the Company's Chairman of the Board, President and Chief Executive Officer, Bob McDonald, said the new goals were aimed at accelerating the Company's open innovation work.

"Connect + Develop has created a culture of open innovation that has already generated sustainable growth; but we know we can do more," McDonald said. "We want the best minds in the world to work with us to create big ideas that can touch and improve the lives of more consumers, in more parts of the world, more completely."

Tripling the impact of Connect + Develop would deliver $3 billion towards the Company's annual sales growth.

Connect + Develop was launched in 2001 with the goal of delivering 50% of the Company's innovation through external collaboration. That goal was met and exceeded resulting in innovations such as Swiffer Dusters®, Olay® Regenerist, Tide Total Care™, Mr. Clean® Magic Eraser, Clairol Perfect 10™ and the Oral B® Pulsonic® Toothbrush.

"Connect + Develop opened our minds and doors to external collaboration. It changed our culture from 'invented here' to 'partnering for greater value,' said Chief Technology Officer Bruce Brown. "With these new goals, we are taking C+D to the next level. We are looking to ensure that we're not just delivering more partnerships, but greater value through our partnerships. We want collaboration that creates innovation across all our business operations from product development to logistics."

For more information about P&G's Connect + Develop(SM) approach, go to pgconnectdevelop.com.

About Procter & Gamble

Four billion times a day, P&G brands touch the lives of people around the world. The company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Gain®, Pringles®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun® and Fusion®. The P&G community includes approximately 127,000 employees working in about 80 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.

SOURCE Procter & Gamble