Corning Inc. received on August 15 the 2008 Outstanding Corporate Innovator Award by the Product Development & Management Association (PDMA). Corning was recognized for the strength of its innovation strategy -- a "recipe" for success that draws on long-standing materials and process knowledge, deep market understanding and an entrepreneurial, collaborative culture, according a statement by the company.
The company's "Magellan Process," was highlighted as a best practice by PDMA. The process fosters dialogue with leading companies to help identify and screen market-driven ideas that could develop into next-wave opportunities, like mercury abatement to reduce emission from coal-fired power plants.
Other emerging technologies in the company's R&D pipeline include green lasers (to enable portable projection); microreactors (to facilitate more efficient chemical processing); and silicon-on-glass technology (to create advanced displays).
"Corning's sustained investment in R&D has produced a remarkable track record of innovation and continues to fuel our next wave of growth," said Dr. Joseph A. Miller, chief technology officer.
The company currently allocates 10% of revenues to R&D and recently began a $300 million expansion to its flagship research and development center at Sullivan Park in New York.