For generations, Procter & Gamble generated most of its growth by innovating from within - building global research facilities and hiring the best talent in the world. Back when companies were smaller and the world was less competitive, that model worked just fine. But in 2000, newly appointed CEO A.G. Lafley saw that P&G couldn't meet its growth objectives by spending greater and greater amounts on R&D for smaller and smaller payoffs. So he embraced a "connect and develop" model.
- From the March 2006 issue of Harvard Business Review
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