Innocentive

Creative thinkers wanted

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US United States
Web http://www.innocentive.com/
Maturity

Concept

About the project Edit

Founded in 2001, InnoCentive connects companies, academic institutions, public sector and non-profit organizations, all hungry for breakthrough innovation, with a global network of more than 200,000 of the world's brightest minds on the world's first Open Innovation Marketplace. These creative thinkers -- engineers, scientists, inventors, and business people with expertise in life sciences, engineering, chemistry, math, computer science, and entrepreneurship -- join the InnoCentive Solver community to solve some of the world's toughest challenges. Solvers who deliver the most innovative solutions receive financial awards ranging up to US$1,000,000.

Seeker organizations post their challenges on the InnoCentive web site, and offer registered Solvers significant financial awards for the best solutions. Seeker™ and Solver™ identities are kept completely confidential and secure, and InnoCentive manages the entire IP process. InnoCentive’s Seekers include commercial, government and non-profit organizations including Avery Dennison, SAP, Procter & Gamble, Pendulum, Eli Lilly and Company, Janssen, Solvay and The Rockefeller Foundation. The company was launched in 2001 by Jill Panetta, Jeff Hensley, Darren Carroll and Alpheus Bingham, with majority seed funding from Eli Lilly and Company.

In what ways is this project unique and creative? Edit

InnoCentive built the first global Web community for open innovation, enabling scientists, engineers, professionals and entrepreneurs to collaborate to deliver breakthrough solutions for R&D-driven organizations.

What is the social value of this project? Edit

InnoCentive@Work, InnoCentive’s Software as a Service offering, helps organizations make the most of internal resources by uniting experts from all areas of a company in an open innovation environment that encourages cross-fertilization of ideas. InnoCentive makes it easy to get up to speed on either product with ONRAMP, an extensive set of tools, expertise and best practices designed to accelerate success.

In December 2006 the company signed an agreement with the Rockefeller Foundation to add a non-profit area designed to generate science and technology solutions to pressing problems in the developing world. As of early 2007, InnoCentive's Web site features an award from the non-profit Prize4Life foundation for $1 million for finding a biomarker that measures ALS disease progression.

What is the potential of this project to expand and develop? Edit

As of 2008 InnoCentive has 64 of these "seekers" which have posted more than 800 "challenges" in 40 disciplines, including chemistry, life sciences, business and entrepreneurship, computer science and clean technology. Of these, more than 348 have been solved by over 165,000 "solvers". Solutions have come from United States, Europe, Russia, China, India and Argentina. To date, over $3 million in awards have been awarded to solvers.

What was the triggering factor of this project? Edit

What is the business model of this project? Edit


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