XLTechGroup and Procter & Gamble form strategic relationship
18 July 2005
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces the formation of a strategic relationship with The Procter & Gamble Company (NYSE: PG) to explore new business opportunities using early stage technologies to address unmet market needs.
Consistent with P&G's "Connect + Develop" strategy aimed at accelerating innovation, this deal will couple portions of P&G's vast portfolio of Intellectual Property with XL TechGroup's expertise in systematically developing new technology businesses and scaling them to liquidity.
XL TechGroup's business model identifies unmet business needs, finds a technology solution that has a high potential of market adoption, develops the business and then rapidly scales it to achieve maximum value.
"We are delighted to be extending our existing strong relationship with such a prestigious partner as P&G by entering into this agreement, and we have already identified the first platform technology to develop," said Dr. John Scott, XL TechGroup's CEO. "We are constantly searching for technologies to address unmet market needs and this provides us with an opportunity to evaluate some of P&G's early-stage IP that we might progress to market."
XL TechGroup and P&G have worked together previously to help universities commercialise technologies donated by P&G. "Based on the success of our previous relationship, we have added a new model whereby XL TechGroup is commercialising these early stage technologies directly from P&G," said Greg Hillebrand, manager university relations, P&G.
"P&G is broadly interested in collaboration with companies that can help build value and drive mutual growth," said Tom Cripe, associate director, open innovation and external business development at Procter & Gamble. "We believe XL TechGroup's unique capabilities to reach the market could enable innovative solutions that meet the needs of the world's consumers. This is a new type of partnership for P&G that could serve as a model for collaboration in the future."
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