Malco Products sought to improve product development of tools and equipment the company produces for trade professionals in the U.S., Canada and Europe. To ignite such change, the company began an ongoing collaboration with University of Wisconsin-Stout Manufacturing Outreach Center (MOC) that continues to significantly enhance product and market development as well as other aspects of their business.
UW-Stout MOC introduced their Innovation Management System (IMS), a reliable scientific approach for innovating new products, markets, business models and services to Malco Products in 2014-2015. Malco implemented the IMS system to enhance the company's product development with new innovation tools.
Since then, collaboration with UW-Stout MOC has led Malco to keep thinking differently about their business practices, inspiring them to nearly double the number of product ideas they generate—now 144 new ideas annually. Several incremental, substantial and breakthrough ideas continue to be proposed, including the best-selling MSHC Hex Driver which has enabled the company to recover sales lost elsewhere.