Category: Global News of Significance

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Global News of Significance

Tata Consultancy Services and Renesas Join Forces to Launch an Innovation Hub

Dr. Sailesh Chittipeddi, Mr. Rajeev Chandrasekhar, Mr. N. Ganapathy Subramaniam (right to left) (Image Courtesy: Renesas)
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Tata Consultancy Services and Renesas Join Forces to Launch an Innovation Hub

Renesas has partnered with Tata Consultancy Services to open an Innovation Center to develop semiconductor designs and software solutions for the IoT, infrastructure, industrial, and automotive segments. Mr. Rajeev Chandrasekhar, Minister of State for Skill Development and Entrepreneurship and Minister of State for Electronics and Information Technology, was present at the opening event in Bengaluru.

TCS, one of the world’s largest IT services companies, and Renesas, a supplier of advanced semiconductor solutions, announced the establishment of a joint Innovation Center in Bengaluru and Hyderabad. The companies plan to collaborate on radio frequency, digital and mixed-signal design, and software development for innovative next-generation semiconductor solutions serving a variety of industries.

RF circuit design includes the creation of circuits that operate in radio frequencies. Its applications include Radio broadcasting, Wireless communications, Remote sensing, Satellite navigation, etc. Mixed-signal circuit is an integrated circuit that contains both analog and digital circuitry on a single semiconductor chip is referred to as a With the increased use of cell phones, telecoms, portable electronics, and vehicles equipped with electronics and digital sensors, their utilization has skyrocketed.

The Innovation Center will bring together Renesas’ cutting-edge semiconductor designs and expert embedded software assistance with TCS’s extensive IoT experience and industry-specific knowledge of the industrial, telecom, and automobile sectors. The partners hope to introduce cutting-edge semiconductor designs and software solutions for the IoT, smart cities, industrial, and car sectors by working together and utilizing their combined strengths.

Source: Renesas

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Tata Steel relies on Open Innovation to promote technology

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Tata Steel relies on Open Innovation to promote technology

Tata Steel, a renowned Indian multinational steel-making company, is working to develop innovative solutions and breakthrough technologies across the steel value chain. The company for this is leveraging Research & Development strengths and collaborating with a broader community of scientists, researchers, start-ups and industrial organisations.

Tata Steel Advanced Materials Research Centres (TSAMRC) have also been established in collaboration with the Indian Institute of Technology, Madras (IITM), at Chennai and Bengaluru, in collaboration with the Centre for Nano and Soft Matter Sciences (CeNS). The objective of these Centres is to work closely with academia and other centres of expertise to strengthen the portfolio of advanced material research and its applications.

TSAMRC also hosts an Open Innovation event, MaterialNEXT to inculcate innovative ideas in advanced materials domain. MaterialNEXT platform incubates young minds in the advanced materials space to promote technology thought leadership. The aim is to shape-up breakthrough products and processes in the emerging areas of advanced materials. Areas like Applied Nanomaterials, Novel Composites, Emerging Construction Materials, and Energy Materials has been in focus.

The event spans five months and has three phases starting with Idea Selection, Idea Developmenta and followed by Idea Evaluation. TSAMRC provides mentorship and incubation support and monetary awards as well as funding offers for the most promising concepts to be developed into long-term joint ventures.

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India assumes the Chair of Global Partnership on Artificial Intelligence (GPAI)

Image Courtesy: GPAI
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India assumes the Chair of Global Partnership on Artificial Intelligence (GPAI)

India has assumed the Chair of the Global Partnership on Artificial Intelligence (GPAI), an international initiative to support responsible and human-centric development and use of Artificial Intelligence (AI).

The fruition of an idea developed within the G7, GPAI is a multi-stakeholder initiative that aims to bridge the gap between theory and practice on AI by supporting cutting-edge research and applied activities on AI-related priorities.

GPAI works in collaboration with partners and international organizations, leading experts from industry, civil society, governments, and academia to collaborate to promote responsible evolution of AI and guide the responsible development and use of AI, grounded in human rights, inclusion, diversity, innovation, and economic growth.

Built around a shared commitment to the OECD Recommendation on Artificial Intelligence, GPAI brings together engaged minds and experts from science, industry, civil society, governments, international organizations, and academia to foster international cooperation. Member countries, include the US, the UK, the EU, Australia, Canada, France, Germany, Italy, Japan, Mexico, New Zealand, the Republic of Korea, and Singapore.


The Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar represented India virtually at the GPAI meeting held in Tokyo for the symbolic takeover from France, which is the outgoing Council Chair.

Speaking on occasion, Shri Rajeev Chandrasekhar said, “We will work in close cooperation with member states to put in place a framework around which the power of Artificial Intelligence can be exploited for the good of the citizens and consumers across the globe- and ensure that there are adequate guardrails to prevent misuse and user harm.”

AI is expected to add USD $967 Bn to the Indian economy by 2035 and USD 450–500 billion to India’s GDP by 2025, accounting for 10% of the country’s USD 5 trillion GDP target. The country has put in place a National Programme on AI and a National Data Governance Framework Policy. The country is also working on building an ecosystem of modern cyber laws and frameworks that catalyze the next Gen AI and Data-led research and startup ecosystem.

Source: PIB


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SAP launches Industry Knowledge Exchange to enable Technological Co-innovation

SAP launches Industry Knowledge Exchange to enable Technological Co-innovation Image Courtesy: SAP
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SAP launches Industry Knowledge Exchange to enable Technological Co-innovation

The industry-academia collaboration with factors like economic environment, structural reforms, and government initiatives is critical for organizations to thrive.

With the aim of bringing together expertise and perspectives from the larger ecosystem, SAP India has launched Industry Knowledge Exchange to drive the country’s inclusive digital transformation with sustainable development.

The company, regarded as one of the world leaders in enterprise application software and cloud solutions, has launched the exchange in collaboration with Amazon Web Services (AWS).

The exchange will bring together enterprises, consulting firms, and academia across 25 industries enabling technological co-innovation. There will be the presence of customers such as Maruti Suzuki India Limited, Chaayos, More Retail, Philips India, Bombay Shaving Company, Greaves Electric Mobility, etc.

The companies will be sharing best practices, and deliberate on regulatory policies to produce shared business value in order to accelerate growth, increase global competitiveness, and promote sustainability.

The three pillars of the Knowledge Exchange confluence as conceptualized:

  • Establishment of an industry board: Setting up an industry board for each sector will help in identifying sectoral challenges, shaping the industry agenda, and driving peer-to-peer engagement. The council will comprise academicians, business leaders, and innovation and technology partners.
  • Co-innovation with industries: Facilitating collaboration between multiple stakeholders within each industry ecosystem that will deliver value, drive cloud adoption, and assist start-ups and digital initiatives.
  • Improvement of regulatory and policy inputs: Capitalizing and leveraging inputs from industry bodies such as the Confederation of Indian Industries (CII), Indian Pharmaceutical Alliance (IPA), and Automotive Component Manufacturers Association (ACMA), etc. to ensure a conducive policy and regulatory framework.

The companies together will give momentum to and shape the future of their respective industries. The exchange will tap into mutual growth opportunities, expand networks, and fuel innovation to solve larger business challenges around emerging technologies, talent, and sustainability.

Source: SAP India

Reach out to us at open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.

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Walmart launches Walmart Land and Universe of Play on Metaverse Platform Roblox

Walmart dives into Metaverse; Image Courtesy: Walmart
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Walmart launches Walmart Land and Universe of Play on Metaverse Platform Roblox

Walmart recently launched two new immersive experiences Walmart Land and Walmart’s Universe of Play in the metaverse mega-platform, Roblox. It was being speculated for some time that the company was planning to venture into the metaverse with plans to create its own cryptocurrency and collection of NFTs.

Roblox is one of the fastest-growing and largest platforms in the metaverse and Walmart took this decision as it observed that customers are spending loads of time there. The spaces will offer unique interactive content and entertainment for customers, bringing to life Walmart’s ‘isles’ in a virtual world and thus creating new and innovative experiences for these customers.

https://youtube.com/watch?v=wBqkCvW5NRY

Walmart Land

Walmart Land will feature a variety of immersive experiences, including a virtual store of merchandise, or “verch”, for your avatar; a physics-defying Ferris wheel giving users a birds-eye glimpse of the world, and unlockable tokens and badges that can be earned in various games and competitions. Walmart Land debuts with three big experiences, specifically with the next generation of customers in mind:

Electric Island: Inspired by the music festivals, Electric Island includes an interactive piano walkway, a dance challenge, a Netflix trivia experience featuring Noah Schnapp, and a DJ booth where users can learn to mix different beats.

House of Style: Featuring a virtual dressing room, a strike-a-pose challenge, an oversized cosmetics obstacle course (obby) and a roller-skating rink, House of Style will offer products from af94, UOMA by Sharon C., ITK by Brooklyn & Bailey, Lottie London, Bubble and more.

Electric Fest: New in October, users can jump back into Electric Island for ‘Electric Fest’, a motion-capture concert celebration featuring performances from popular artists such as Madison Beer, Kane Brown, and YUNGBLUD.

Universe of Play

The Roblox community can explore different toy worlds to earn coins for cool virtual goods, or complete epic challenges to build a personal trophy case, unlock secret codes, and more.

Universe of Play includes:

Immersive games: Users can dive into five new games that offer experiences featuring products and characters from L.O.L. Surprise!, Jurassic World, Paw Patrol, Magic Mixies and Razor Scooters.

Sought-after rewards: Users will get the opportunity to try and collect as many virtual toys as they can to earn coins redeemable for their avatar verch. Toys will hang all around, and a Walmart blimp will regularly drop toys throughout the experience.

Virtual adventures: Universe of Play will also feature e-mobility items like hoverboards, which an avatar can use to travel through the universe faster. Users will encounter a Sharper Image drone that helps them discover the hottest toy world of the season.

Users can click in and freely access the Walmart Land experience on Roblox.com and Walmart’s Universe of Play on any device including PC, Mac, iOS, Android, Amazon devices, Xbox consoles, Oculus Rift and HTC Vive.

Reach out to us at open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.

Source: Walmart

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Telefónica’s Open Innovation Strategy

Source: Telefónica
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Telefónica’s Open Innovation Strategy

With the spread of information and communication technologies, the importance of innovation is being stressed all over the world and the concept of open innovation has become more popular.

In this age of corporate innovation, large companies face a choice: innovate or disappear. this has forced the companies to reinvent themselves by working hand in hand with entrepreneurs, helping them to scale their projects.

Companies have set up an Open Innovation Team that acts as an interface between them and the entrepreneurial ecosystem, keeping them abreast with the developments around them.

Open Innovation Teams complement internal innovation and also help companies in attracting talent and adopting emerging technologies in startups, to innovate better and faster.

Telefónica, a multinational telecommunications company headquartered in Madrid, has also been working on an open innovation strategy.

The company mentions in a blog post that such teams help the company identify the most brilliant and disruptive projects in the startup environment that is incorporated into its offering and services and internal processes, completing the company’s digital transformation processes.

Telefónica Ventures

As early as the beginning of the century the company in 2006 launched Telefónica Ventures to invest directly in startups or through a network of leading VC funds. This has helped the company in building strategic partnerships with entrepreneurs and young companies that are aligned with its global strategy.

Wayra

Founded in 2011, Wayra is Telefónica’s Open Innovation Hub with a presence in 10 countries in Europe and Latin America. Wayra brings new ideas and solutions to the telecom world by investing and connecting Telefónica with the entrepreneurial ecosystem around the globe to generate collaborative business opportunities. It acts as a strategic partner and helps them scale to accelerate their business.

Open Future

Launched in 2014, Open Future is the strategic regional entrepreneurship program developed in alliance with public and private partners. Through this initiative, Telefónica supports local startups in their early stages of maturity, fosters the creation of an entrepreneurial ecosystem outside the big cities, and promotes local action with a global point of view.

Open Future Hubs offer startups a working and mentoring space where they can develop, grow and access exclusive offers from commercial partners. Any company that does not yet have a minimum viable product or generates business is a potential candidate to enter this program. There are currently 33 Hubs in 3 countries in Europe and Latin America that have accelerated more than 1,300 projects.

Going forward, the company with these vehicles aims to decentralize and democratize entrepreneurship; create growth opportunities; accelerate startups and develop innovative products with great potential.

Reach out to open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.

Source: Telefónica

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EU creates Digital Twin of the Earth

Image Courtesy: EU
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EU creates Digital Twin of the Earth

Digital transformation, a cultural, organizational, and operational change through the smart integration of digital technologies and processes, is having a profound effect on organizations, ecosystems, and individuals.

Digital Transformation for Climate-neutral Europe by 2050

To benefit from this transformational change the European Commission is working on a digital strategy. The international organization comprising 27 European countries aims to make this transformation work for its people and businesses and also achieve its target of a climate-neutral Europe by 2050. For this, the E.U. has also strengthened its digital sovereignty and set standards– with a clear focus on data, technology, and infrastructure.

Destination Earth

European Commission, EU’s politically independent executive arm, has recently announced a major initiative named Destination Earth (DestinE). The aim is to develop – on a global scale – a highly accurate digital model of the Earth to monitor and predict the interaction between natural phenomena and human activities.

Digital Twin of the Earth

The Digital Twin is a virtual model designed to accurately reflect a physical object. The digital replicas of the highly complex Earth systems will be based on a seamless fusion of real-time observations and high-resolution predictive modeling in the thematic areas, starting from extreme events and climate change adaptation.

DestinE will use digital modeling of the Earth systems to study the effects of climate change and extreme weather events, their socio-economic impact, and possible adaptation and mitigation strategies. In the long-term additional digital twins will also be integrated– for example on oceans or biodiversity etc- for a comprehensive digital twin of the Earth.

Empowered by Europe’s high-performance computing (HPC) computers and AI capacity, it will help to respond to major natural disasters, adapt to climate change, and predict the socioeconomic impact.

Users of DestinE, including non-scientific experts, will be able to access and interact with vast amounts of Earth system and socio-economic data in order to perform highly accurate, interactive, and dynamic simulations of the Earth system, and improve prediction capabilities. For this, the initiative will exploit the potential of distributed and high-performance computing (HPC) and data handling at an extreme scale.

Implementing Entities

Apart from the digital twin, the other components DestinE system will be a Core Service Platform, a user-friendly entry point for DestinE users, and the Data Lake, a consolidation of pre-existing European data holdings from the three Destination Earth implementing entities (ESA, EUMETSAT and ECMWF) and other sources, like the Internet of Things (IoT) and socio-economic data. The digital twins of DestinE will provide users with tailored access to high-quality knowledge for user-specific scenario development for decision support.

The Digital Twins will be developed by the European Centre for Medium-Range Weather Forecasts (ECMWF) and jointly implemented by three entrusted entities: the European Space Agency (ESA), the European Centre for Medium-Range Weather Forecasts (ECMWF), and the European Organisation for the Exploitation of Meteorological Satellites (EUMETSAT) over the next 7-10 years.

Reach out to open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.

Source: https://digital-strategy.ec.europa.eu/en/policies/destination-earth

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Reserve Bank of India sets up Innovation Hub

Image Courtesy: RBI Innovation Hub
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Reserve Bank of India sets up Innovation Hub

The traditional banking Industry has not matched the pace of other industries and is looked at as a slow-moving sector when it comes to innovation. But the disruptive technological developments and new policies and regulations are pushing banks to be more transparent, open, collaborative, secure, and innovative.

In this line, Reserve Bank of India (RBI), India’s central bank and regulatory body responsible for the regulation of the Indian banking system, has started an innovation hub in Bengaluru. The aim is to bring convergence among various stakeholders in the financial innovation space.

Inaugurated by RBI Governer Shri Shaktikanta Das the hub was set up earlier this year with an initial capital contribution of ₹100 crores. The RBIH will work to create an ecosystem that would help BFSI Sector, Start-up ecosystem, Regulators & Academia. The focus will be on promoting access to financial services and products for the low-income population in the country.

The Hub will encourage and nurture financial innovation and bring ‘world-class’ innovation to the financial sector in India, coupled with the underlying theme of financial inclusion.

The Hub has an independent Board and will be guided and managed by a Governing Council (GC) led by a Chairperson. The Reserve Bank has appointed Shri Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, as the first Chairperson.

The Hub will collaborate with financial sector institutions, the technology industry, and academic institutions and coordinate efforts for the exchange of ideas and development of prototypes related to financial innovations. It also would develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups.

The government of India has asked state-run banks to explore collaboration with startups and fintech and promote innovative products. Banks world over are collaborating with startups to overcome challenges and harness innovation to accelerate inclusive finance, scale their technology, and improve access to capital.

With this in Background, RBIH aims to provide a platform for all financial ecosystem stakeholders and aid them in formulating forward-looking innovation strategies while identifying challenges in the Indian financial system and addressing them through research and consultation.

Reach out to open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.

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How Coca-Cola is Driving Growth through Innovation

image Courtesy: Coca Cola
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How Coca-Cola is Driving Growth through Innovation

Thirty-five years ago, Coca-Cola partnered with NASA to become one of the first soft drinks to travel to space. The iconic soft drink maker has always relied on experimentation and using the power of design-thinking techniques to drive growth for the business and is known for developing and launching innovative beverages, equipment, distribution models, and programs.

Coca-Cola with Bluetooth-enabled cap

Recently, Coca-Cola in India has rolled out a technological product innovation – a locked Coke fitted with a unique Bluetooth-enabled cap. The bottle is programmed to open only in the presence of the sender’s mobile phone.

With this limited edition bottle of the beverage for the festive season, Coca-Cola seeks to evoke a feeling of togetherness among people as the bottle acts as a symbolic reminder of a promise made to meet in person.

The bottle can be ordered via a microsite by filling in the gift recipient’s residential address and a customized festive wish or message. The recipients will then receive the customized bottle via delivery, which will be pre-programmed to detect the presence of the sender’s mobile phone in order for it to be unlocked.

Transformational Innovation Team

The company has been working to launch innovative products in different parts of the world. For example, the company in North America has set up ‘Transformational Innovation Teams’ that partner with brands and business units to take new drinks in unfamiliar spaces. The team is a rotating group of specialists from Research and Development (R&D), Quality, Safety & Environmental Sustainability, Technical Commercialization, and Scientific and Regulatory Affairs (SRA).

Agile design thinking

Working on its goal to move faster and deliver more disruptive innovation, the company is seamlessly implementing learnings and frameworks across the organization and fueling new capabilities to drive growth. There also have been reports of coca cola developing an agile design thinking innovation protocol that centers around users’ desires and needs to identify products that would create an impact in the market.

Pushing Intrapreneurs

The renowned beverage company has also been pushing a group of “intrapreneurs” on a mission to create a ripple effect by sharing learnings with Coca-Cola North America teams leading innovation projects across the system.

Global Innovation Platform

Coca-Cola earlier this year unveiled its new global innovation platform, Coca-Cola Creations. The aim is to take the iconic Coca-Cola trademark and lend it to new expressions, driven by collaboration, creativity, and cultural connections. Through limited-edition, sequential releases, Coca-Cola Creations will introduce new products and experiences across the physical and digital worlds.

Innovation is key to success

For a company to be successful must be in tune with what consumers want, adopting strategies to differentiate and introducing innovative products. The success story of Coca-Cola underlines the importance of continued innovation and the need for successfully differentiating its product and services based on customers’ preferences.

Source: coca-colacompany.com

Reach out to open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.

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How Nestlé is taking Innovation to a new level

Image Courtesy: Nestle
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How Nestlé is taking Innovation to a new level

Consumer demands and expectations are continuously evolving, forcing retailers to seek new products to meet these needs. Innovation has thus become vital for the food industry and is critical to ensure profitability.

Innovation is vital for the food industry

Innovation in the food industry is a combination in areas of technology as well as culture. The ultimate innovation has to be throughout the entire food system, starting from production distribution, and including harvesting, primary and secondary processing, manufacturing, etc. The innovation must lead to a new or improved consumer product and service that satisfies the nutritional, personal, and social needs and wants of all communities.

Nestlé, one of the largest companies in the world and the undisputed leader in the food processing industry, is working to build a culture of innovation. Mel Cash, Chief Strategy Officer, Nestlé USA, via a blog has shared her thoughts on how the company aims to meet this goal.

The company has developed new technologies or installed profound structural changes to the ways work is done but for fostering innovation Nestlé sees people as the key.

The Swiss multinational food and drink processing conglomerate has built a culture built around the creativity of employees, where they have the permission to imagine new and innovative products, the resources to explore their big ideas, and the space to activate change and learn what works and what doesn’t.

What if projects

To test new products and business models that appeal to consumers’ evolving tastes, the company has developed the practice where the new Business Ventures team partners with teams across the business to encourage What if projects, lending their expertise on early-stage industry trends.

This partnership has helped Nestle to reach consumers in new ways. For example, there is a global shift in consumer behavior where they are now preferring to buy from digital platforms and direct from home, New Business Ventures team worked with brand teams who were asking the question: what if we could deliver directly to people’s homes? As a result, the company piloted a new delivery service model for freshly baked Toll House cookies. Nestle also partnered with ghost kitchens, DoorDash, GrubHub, and UberEats. Now, it is scaling this idea nationwide in the US.

Open Channel

Another step Nestle took is it has launched Open Channel, a crowd-sourcing initiative that taps into collective creativity. It gives employees the resources to explore new ideas. Open Channel is a platform that allows employees to submit big ideas or vote on ideas they like the most. Based on these ideas the company launched 23 innovative products

Internal Talent Marketplace

Another initiative to push innovation is the internal talent marketplace platform which is an AI-based system that matches employees’ skill sets with projects outside their function. These cultural programs help anyone in any role to become a creator and an innovator.

R+D Accelerator

R+D Accelerator is a unique platform by the food giant where start-ups, students, and intrapreneurs focus on emerging trends to develop product concepts in a six-month immersive ‘idea to shop’ program. Those who are part of this accelerator have been given access to the company’s state-of-the-art infrastructure and science, technology, and business expertise. This allows participants to move quickly – taking ideas from conception to execution over a short timeline,

Most importantly, Nestle has embraced failure as part of innovation and understands that it is essential to learning. Thanks to this culture, the company is using emerging technologies to develop innovative products that meet consumers’ desire to adopt nutritious, environmentally friendly diets.

Reach out to open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.

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