P&G Empowers Innovation in Asia

To help businesses tap into the emerging baby boomer market in Asia, estimated to spend $1.5 trillion per year by 2015, the Live Well Collaborative Singapore (LWC-S) was launched this week at Singapore Polytechnic.

 

Brought to Singapore by The Procter & Gamble Company (P&G), the LWC-S is an independent innovation research center focused on revolutionizing product design and development for consumers aged 50 and above in Asia.It is an extension of the Live Well Collaborative in Cincinnati (LWC-C), the breakthrough business-academia partnership model pioneered by P&G and the University of Cincinnati in the United States and based on P&G's Connect+Develop open innovation model.

 

Commenting on the potential of this market in Asia, Deb Henretta, group president, P&G Asia, says, "Traditionally, new products have been targeted at younger consumers, and companies that are first-to-market with novel products and solutions that delight the underserved baby boomer market in Asia will open new sources of business growth. Based on the success of the original LWC and our Connect+Develop model, we are confident that the LWC-S will enhance P&G's and other corporate partners' product design capabilities in Asia."

 

The LWC-S, led by Singapore Polytechnic in close collaboration with the University of Cincinnati, will conduct early phase product research with a particular focus on design for member companies looking to target the over-50 consumer. It will follow the inter-disciplinary approach of the LWC-C and leverage Singapore Polytechnic's strengths in Design, Engineering, and other disciplines to re-think the design of products to meet the changing lifestyle and physical needs of the target group.

 

Tan Hang Cheong, principal of Singapore Polytechnic, says that the LWC-S is a win-win partnership between academia and businesses. "Singapore Polytechnic's students and faculty would be enriched through access to companies' emerging consumer knowledge and increased real-world research and learning opportunities, and in turn, member companies would have access to innovative insights from faculty and students who see consumer opportunities with fresh eyes and unbiased perspectives." He added that this would also increase students' employability and prepare them to enter the job market.

 

Recognizing the business potential of the LWC-S, Boeing has also joined the LWC-S as a founding member.