Invention Machine Launches Goldfire 4.5 with Stronger Risk Analysis Capabilities For Greater Success in Product Innovation

Innovation Software Gains Momentum Among Global Customers

Invention Machine, a leading provider of innovation software, today announced the availability of Invention Machine GoldfireTM 4.5 with expanded risk analysis functionality designed to identify and eliminate risks associated with new product development, thereby significantly reducing time to market. The company also announced that it has added dozens of new customers to its growing roster as more and more organizations worldwide adopt Invention Machine solutions to accelerate and sustain their product innovation process.

“Most companies struggle with the challenge of commercializing innovation and honing in on ideas that will transform into successful, revenue generating products,” said Mark E. Atkins, president and CEO of Invention Machine. “Our software has not only revolutionized the idea generation process by empowering engineers to efficiently bring the right ideas to life, but also minimizes design risks and fosters repeatable innovation.”

Industry reports confirm that innovation remains a top strategic priority for companies. However, in an Accenture CEO survey, the majority of participants said that they commercialized less than 20 percent of their promising ideas. According to another Accenture report, companies often rush products to market, only to experience technical and design problems that damage their relationships with consumers.

Invention Machine’s unique and powerful software allows engineers and scientists to generate and validate the right ideas the first time, turning good ideas into revenue stream. The software also identifies and mitigates risks from the product development process, so businesses can confidently focus on driving repeatable and sustainable innovation, regardless of the product concept and market challenges.

With Goldfire 4.5, Invention Machine is extending and strengthening the software’s risk analysis capabilities, making it easier to customize the built-in risk analysis templates to meet company-specific workflows. Goldfire 4.5 incorporates additional pre-defined risk analysis templates based on industry-specific workflows so they integrate better with existing innovation processes in automotive, energy, chemical and defense industries.

In addition, Invention Machine has expanded Goldfire’s multi-lingual capabilities with automated support for researching and generating ideas from French and German content to meet the needs of its global customers. Other functionalities in Goldfire 4.5 include increased ease-of-use, support for Windows Vista™ and Microsoft Office 2007® and numerous administrative enhancements.

Customer Momentum

Best-in-Class companies are leveraging technologies to develop more innovative product concepts and solutions that help increase the throughput and success rate of their new product development process, according to Aberdeen Group’s Product Innovation Agenda benchmark report. Invention Machine’s growing roster of customers underscores this finding.

During the last two quarters, dozens of global companies across key industries have chosen Invention Machine for their innovation needs, including Bosch und Siemens Hausgerate, Chemtura, Hydro Aluminum, Immucor, Roxane, Velcro and Wah Chang. In addition, several existing customers have expanded their use of Invention Machine Goldfire across their respective organizations to accelerate product innovation, process improvement and market expansion. Among these companies are Leggett & Platt, Nestlé, Northrop Grumman, SC Johnson, Schneider Electric and Thales.

“Our studies show that manufacturers are investing in solutions and processes that help identify the most valuable product concepts as well as recognize market potential and project risks,” said Jim Brown, vice president, Product Innovation & Engineering Research, Aberdeen Group. “With the right technology in place, they can also make product innovation a continuous and repeatable process.”

Business Momentum

Invention Machine has reported a compound annual growth of 50 percent over the past three years. The company has offices in six countries and a network of more than 20 resellers and partners worldwide that support customers in 25 countries. Invention Machine recently moved its corporate headquarters to 800 Boylston Street, 39th Floor of the Prudential Tower, Boston, MA, to accommodate its growing workforce.

About Invention Machine

A leading provider of innovation software, Invention Machine drives sustainable innovation by enabling global organizations to consistently generate breakthrough ideas that accelerate product development. Invention Machine Goldfire empowers engineers and scientists to conceive and validate right ideas the first time, so they can quickly and easily deliver market leading products. Global 2000 manufacturers in more than 25 countries rely on Invention Machine for product innovation, process improvement and market expansion. Its unique software fuels sustainable innovation across numerous industries, including aerospace and defense, automotive, consumer technology, energy and environment and life sciences. For additional information, please visit invention-machine.com.

Contacts

Invention Machine
Parna Sarkar, 617-305-9250 x3305
psarkar {at} invention-machine(.)com
or
Lois Paul & Partners
Rachel Reed, 781-782-5785
rachel_reed {at} lpp(.)com