Open innovation a driver in TTI’s business growthMay 15, 2018
Anderson industry seeks ideas from multiple sources to improve products
There’s no doubt about the aim of Techtronics Industries (TTI), an Upstate company that designs and manufactures power equipment under the brands Ryobi, Ridgid, and Homelite.
“If it has a cord, we want to make it cordless,” says Vice President of Innovation Porter Whitmire. “We specialize in lithium-ion battery power.”
The Anderson County industry has seen tremendous success in its pursuit of a cordless world, with more than 10 percent growth year over year for 10 years and $6 billion in annual sales. To keep up the streak, the manufacturer has adapted its business model to incorporate open innovation, a collaborative strategy emphasizing a free flow of ideas from internal, external, and unexpected sources.
Whitmire shared the company’s open innovation story during the April 11 Upstate SC Alliance Coffee & Conversation. Encouraging Upstate businesses to embrace transformational new business practices is a goal of the Upstate Global Competitiveness Council, and TTI’s success paints a detailed picture of open innovation’s benefits.
See more about how TTI has leveraged open innovation in this Upstate Business Journal article.
TOPICS: Skilled Workforce, Upstate Thoughts, Existing Industry, Global Competitiveness, Innovation