InnoCentive
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| Type | Private |
|---|---|
| Founded | Indianapolis, Indiana, USA (2001) |
| Headquarters | Waltham, Massachusetts, USA |
| Key people | Dwayne Spradlin, president and CEO Robert Kinney, CFO and vice president of operations |
| Industry | Open innovation, R&D, product development |
| Products | Open innovation, crowdsourcing, research services |
| Website | www.innocentive.com |
InnoCentive is an "open innovation" company that takes research and development problems in a broad range of domains such as engineering, computer science, math, chemistry, life sciences, physical sciences and business, frames them as "challenge problems", and opens them up for anyone to solve them. It gives cash awards for the best solutions to solvers who meet the challenge criteria.[1]
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[edit] History
The idea for InnoCentive came to Alpheus Bingham and Aaron Schacht in 1998 while they worked together at Eli Lilly and Company. They brainstormed the idea for Innocentive (what they originally dubbed "Bounty Chem") during a session that was focused on exploring application of the internet to business. The company was launched in 2001 by Jill Panetta, Jeff Hensley, Darren Carroll and Alpheus Bingham.
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.[2]
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.
[edit] Company
InnoCentive is based in Waltham, Massachusetts.
InnoCentive calls the scientists who attempt the problems "solvers" and the companies these problems come from as "seekers". As of 2008 InnoCentive has 64 of these "seekers" (including Procter & Gamble, Dow AgroSciences and Eli Lilly), 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".[3]
Solutions have come from United States, Europe, Russia, China, India and Argentina; the cash awards for solving challenge problems are typically in the $10,000 to $100,000 range. To date, over $3 million in awards have been awarded to solvers.[4]
InnoCentive provides a consultancy service to enable its clients to make the most of its "solver" network. "Science advisers" and "problem definers" help clients to identify a challenge appropriate for posting on its network. They then estimate an appropriate award fee by determining the complexity of the problem, the resources required to find a solution, and the value transferred to the company. InnoCentive reserves the right to reject the award amounts that are deemed too low and its experts provide a solution vetting service to screen out ideas that do not meet the challenge criteria.
InnoCentive forces its "seeker" companies to agree to intellectual property audits so that once a solution is provided to the company it can guarantee that the intellectual property is not used if the company decides not to award it. The company may also force the "seeker" company to award the solution if it deems that it meets the requirements of the challenge.
InnoCentive also provides a consultancy service to its network of "solvers". Its "science experts" provide feedback to explain the terms of the challenges as well as why submitted solutions may be deficient. It provides the logistic and legal framework for maintaining their control over the intellectual property until its sale to the seeker company. All communication and submitted solutions remain confidential.
Competitors offering similar services include Innovation Exchange, Fellowforce, NineSigma, Yet2.com and YourEncore.
[edit] References
- ^ "Prizes for Solutions to Problems Play Valuable Role in Innovation" Wall Street Journal, 25 January 2007. Retrieved 12 March 2007.
- ^ InnoCentive press release, 19 December 2007. Retrieved 12 March 2007.
- ^ Innovating Beyond Boundaries: Open Innovation Mohan Sawhney, Merck Academic Lecture, 9 May 2005 (PowerPoint presentation. Retrieved 4 May 2007.
- ^ InnoCentive Secures $6.5 Million in Series B Funding From Spencer Trask Ventures, Inc.
