Mattel (MAT), Genius Crowds Debut Open Innovation Initiative; Will Include Barbie, HotWheels Brands

September 7, 2012 7:36 AM EDT
Mattel, Inc., (Nasdaq: MAT) announced an Open Innovation initiative with Genius Crowds to develop crowd-sourced product ideas for their venerable brands of Hot Wheels and Barbie bicycles for young children.

Genius Crowds ( is a platform for opensourced product development, facilitating the development and ideation phase online, and securing production relationships with leading marketers.

In a move towards open innovation and collaboration with their consumers, Mattel is looking for innovative ideas for their Barbie and HotWheels branded bicycles for children aged 4-6 years old. Mattel is among the first manufacturers to welcome product ideas with this next generation crowd sourcing platform, designed to enable marketers and manufacturers to co-create products with their consumers.

Genius Crowds is a platform for consumers to get their product ideas out of their heads and onto the shelves. The company partners with notable manufacturers, marketers and retailers to bring good ideas for new products to market, reducing the cost of R&D for marketers while cultivating deeper bonds with customers.

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