On the Radar: InnoCentive
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InnoCentive provides “Challenge Driven Innovation” services to businesses, government and non-profit organisations, connecting clients with a network of over 380,000 external “solvers” to address a variety of business problems through crowdsourced, open innovation.
Who?
InnoCentive provides “Challenge Driven Innovation” services to businesses, government and non-profit organisations through a combination of a technology platform, a ready-made open innovation community, and a managed services offering that helps organisations to acquire innovative ideas and solutions to their pressing problems or needs.
What does it do?
At the heart of InnoCentive’s offerings are its Premium Challenges, which help to connect “Seeker” clients with a network of over 380,000 external “Solvers” to address a variety of business problems through crowdsourced, open innovation challenges. InnoCentive offers six main types of challenges, including Ideation Challenges that aim to brainstorm a particular topic, to Theoretical Challenges that seek an in-depth written proposal for a more defined, but early-stage concept, Reduction to Practice Challenges that demand an experimentally-validated solution, and computational Prodigy Challenges which can be used for statistical analysis, predictions and optimising computer programs. For each challenge, the Seeker organisation offers a predefined financial award for solutions that meet their requirements. Depending on the intellectual property treatment, which is defined and agreed to by all participants when a challenge is launched, the Seeker organisation is either transferred or licensed the intellectual property contained in the awarded submissions. For Ideation Challenges, the Seeker organisation receives non-exclusive rights to all submissions they receive (but it is mandatory that an award is made). Seeker organisations can choose to be open about their identity in hosting a challenge, or they can be anonymous.
In addition to Premium Challenges, InnoCentive also offers two types of Custom Challenges for larger scale, externally-facing, open innovation programmes: Grand Challenges for more radical or breakthrough initiatives targeting global problems, for example, and Showcase Challenges that tend to focus on a specific sector and typically involve a live event.
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The post On the Radar: InnoCentive appeared first on MWD Advisors.
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