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SOURCE Freudenberg Group
PLYMOUTH, Mich., Feb. 17, 2014 /PRNewswire/ -- Freudenberg announced the winners of ideaTrophy, an open competition for new business ideas in targeted search-fields. The competition which was open to Freudenberg employees and outside applicants attracted more than 600 idea submissions, 150 of which were considered for the ideaTrophy prizes. Approximately three quarters of ideas were outside submissions across seven targeted search fields. A total of 23 monetary prizes were awarded. Three of these prizes were awarded to U.S. innovators.
Dr. Matthias Messer, program administrator, is happy with the response the competition received: "We are very proud that so many creative minds and stakeholders showed outstanding initiative which resulted in submissions of a variety of brilliant ideas from individuals with diverse research interests from all over the world. Another important benefit is that we have established over 1,000 new relevant contacts in our targeted search-fields."
In April 2013, Freudenberg sent an open invitation for submission of innovative business ideas in seven search fields which correspond to its development strategy:
"The seven search fields are in direct correlation with Freudenberg's strategy. The ideaTrophy campaign brought fresh ideas both from Freudenberg employees and outside inventors. It injected additional diversity of thought into our new business development discussions. We are especially proud that about 30 percent of all ideas came from the U.S. and three prizes were awarded to U.S. innovators," said Leesa Smith, Freudenberg North America president and regional representative.
All submitted ideas were evaluated by search-field experts. 150 of more than 600 submitted ideas were refined and posted on ideaTrophy website, and site visitors were invited to vote for the best idea. Finally, taking into account the votes received through the website, the jury made of Freudenberg executives announced 23 monetary prizes and one overall winner.
All 23 ideas are now receiving further scrutiny in order to establish the technical and commercial feasibility of each innovation and establish whether it could be transformed into a successful startup of an innovative business at or in cooperation with Freudenberg.
About the Freudenberg Group: The Freudenberg Group is a family-owned company offering customers technologically advanced and support-intensive products and services. The Group develops and manufactures seals, vibration control technology components, filters, nonwovens, surface treatment products, release agents and specialty lubricants, medical technology and mechatronic products. Freudenberg also develops software solutions and IT services primarily for small and medium-sized enterprises. Consumers enjoy Freudenberg's state-of-the-art household products marketed under the vileda®, O-Cedar®, Wettex®, Gala® and SWASH® brands. In 2012 the Freudenberg Group had 37,453 employees in 57 countries and generated revenue of more than 6.3 billion euros. More information about Freudenberg is available at www.freudenberg.com.
About Freudenberg in North America: Freudenberg North America Limited Partnership is the North American holding company for Freudenberg & Co. of Weinheim, Germany that owns a family of companies which operate 15 unique businesses at 86 locations in North America. Together, these companies provide innovative products and solutions to customers in industries ranging from automotive, aerospace, and medical to chemical, oil and gas, and construction. For further information, please visit www.freudenberg.us.
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