COMPANY ANNOUNCES COMPLETION OF $5 MILLION CAPITAL RAISE
November 1, 2011 (Cincinnati, OH) inno360 Inc., a leading provider of SaaS-based innovation management software to global enterprise clients, known for their thought leadership and success in innovation such as General Mills, Procter & Gamble, MeadWestvaco, and the US Air Force Research Laboratory, announced today that its Board of Directors has appointed Doug Schaedler as its Chief Executive Officer. Mr. Schaedler, an innovation industry leader, was most recently President and CEO of Innovaro, Inc. At Innovaro since 2004, he was responsible for advancing the innovation capabilities of many Fortune 500 companies.
"inno360 has successfully reached several milestones in its development and is at a tipping point for rapid growth and scale "said Mike Turillo, Chairman of inno360 Board of Directors. "We were fortunate to have (former CEO) Glenn Wienkoop at the helm during the formative stages of our company where he lead the company through its final stages of patented product development, enhanced the management team, strengthened relationships with our Alpha customers and expanded the company into new business channels and formed several key strategic partner relations. We wouldn't be where we are today without Glenn's persistence, and results oriented style. We are equally fortunate to now have Doug assume the helm at this time to guide us through the next stages of the company's growth. Our recently completed $5M capital raise, coupled with Doug's successful track record of scaling high-growth companies and proven background in strategy and business execution, makes us confident that we will realize the planned growth in our core business and expand into new markets with our industry leading innovation platform."
"I am excited to serve as CEO of inno360," said Mr. Schaedler. "Having worked in the innovation management software and services industry for the past six years, I believe the inno360 innovation platform is optimally positioned in the marketplace and provides the highest Return on Investment to its private and public sector clients. inno360 has a seasoned SaaS sales and development team as well as a good balance sheet to enable us to exceed all our clients' innovation expectations."
While at Innovaro, Mr. Schaedler oversaw the growth of the IP Licensing Group and had oversight for the successful completion of over 100 licensing transactions globally. Prior to Innovaro, Mr. Schaedler held roles as a Director of Corporate Development at VerticalNet and Vice President at the Industrial Bank of Japan. He has significant startup and capital raising experience, having founded two internet-based consumer crowd-sourcing businesses. He holds an M.B.A in finance and economics from the University of Chicago Booth School of Business and a B.A. in economics from Tufts University; he is also a Chartered Financial Analyst (CFA). Mr. Wienkoop will continue to serve as an Advisor to the Board while he returns to academia to complete his PhD in advanced knowledge and innovation management.
About inno360
inno360 provides the leading global software platform for Connected Innovation™. With its Software as a Service (SaaS) platform, inno360 enables clients to build and manage their own proprietary innovation networks (ecosystems). The platform includes access to millions of global innovators and leading-edge technologies. The inno360 platform assists with problem definition, Innovator Relationship Management (IRM), innovation campaigns, internal collaboration, proposal management, activity dashboards and metrics. Together, these capabilities and attached communities provide and unparalleled foundation for organizations to drive top-line growth by tapping a global network of innovators, researchers, and companies. inno360, Inc. is a Member Firm of Spencer Trask Collaborative Innovations LLC.
For more information about inno360, please visit inno-360.com.
