Norway’s Induct software names former Fast executive as CEO
Burns brings more than 30 years of high-tech engineering, marketing, sales, business development, and executive experience to Induct. As the only American out of 30 current and previous FAST employees to receive the NTNU/SINTEF Technology Award, he was recently recognized for his role in helping to start the young company on its journey toward an eventual sale to Microsoft last year for $1.2B.
Now Burns has reunited with some early members of the FAST team. Together, they are proud to introduce Induct, the first truly integrated Web-based service that supports custom design, management, and measurement of the entire open innovation process. Induct delivers more competitive and consumer-focused products, saves money through process optimization, and enables corporate talent management for better contribution per employee.
“David was the driving force behind FAST Inc. in the early days and we believe he can bring that same energy and team building skill to Induct,” said Alf Martin Johansen, Chairman and Founder of Induct. “Companies are spending billions of dollars per year on innovation, but customizable systems to manage the entire innovation process have been missing. As of today, companies have a turnkey open innovation solution that will enable them to build and manage their own Innovation Communities.”
Open Innovation Architecture
Most of today‟s innovation solutions are simply software versions of the old corporate suggestion box. They do a good job of supporting idea submittal, evaluation, ranking, and decision making, but they stop there. However, the toughest and most critical portion of the corporate innovation process lies in the implementation phase, an area where many innovation process failures occur.
Partial innovation solutions force companies to use disparate project management programs to manage the back-end of the innovation process. These programs are not designed to support open innovation. They can‟t capture the rich front-end history of the innovation process, and they don‟t support customization of ranking or implementation processes for different innovation types. Induct delivers a complete solution that does it all.
Induct will revolutionize the way that companies think about innovation. Based on the work of pioneering professors and consultants in the open innovation field, Induct integrates Enterprise 2.0 technology and social networking concepts with a flexible and customizable innovation process management framework. The result is a „Software as a Service‟ (SaaS) platform that allows companies to easily practice true open innovation through the creation of corporate Innovation Communities.
“I‟m very pleased to be joining the Induct team. With companies all over the world being forced to do more with less, Induct has the opportunity to become a very large company,” said David M. Burns, CEO of Induct. “My feeling is that the market for ‘open innovation’ is just emerging, much like the search market of ten years ago. When I started at FAST, there were just a handful of engineers in Norway. FAST went on to become a big company, and we‟re ready to repeat that success with Induct.”
Induct opened their first office abroad on Feb.22, 2009 and are now present in Boston, Mass.