InnoCentive is a platform that tackles some of the world's most pressing challenges. It was founded in 2001 by Eli Lilly and Company.
The company's goal is to use its platform to tap into the collective intelligence of a global community of solvers. This community includes experts from various fields, including scientists, engineers, and innovators.
InnoCentive's platform allows solvers to submit solutions to challenges posted by companies and organizations. These challenges can range from improving the efficiency of a manufacturing process to developing new medical treatments.
Since its inception, InnoCentive has facilitated the submission of over 500,000 solutions to challenges.
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Global Challenges
InnoCentive is a platform where you can make a real difference by submitting solutions and proposals to change the world, one idea at a time.
The platform is home to many organizations and governments' biggest problems and opportunities.
You can participate in Prize Challenges, where you can win financial awards.
In Scouting Challenges, you could partner with the Seeker organization in ongoing collaborations.
Organizations are often seeking talent, so you can take part as an Expert to propose organizations of relevance for a potential referral fee, subject to conditions.
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Study Case: (1)
InnoCentive's unique approach to problem-solving was put to the test in a study case where a major pharmaceutical company was struggling to develop a new medication.
The company had been working on the project for years but was unable to find a solution.
The problem was so complex that it had stumped even the company's top scientists.
InnoCentive's platform allowed the company to post the challenge online and invite a global community of solvers to take a shot at it.
Over 1,000 solvers from around the world responded to the challenge, and one of them, a scientist from a small university, came up with a novel solution.
The solution was so effective that it not only solved the original problem but also led to the development of two new medications.
This study case demonstrates the power of InnoCentive's platform in solving complex problems and driving innovation.
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Business Model Components
InnoCentive's business model is a unique and innovative approach to solving complex problems. It's an electronic marketplace business model that connects seekers with solvers from a global network.
The seeker has access to a large database of innovative thinkers and doesn't have to hire specialized staff to find solutions. They pay a fee of $35,000 to post challenges, which can be done anonymously to avoid competition-related issues.
InnoCentive's value proposition is two-fold: it allows seekers to reduce their R&D budget by tapping into the wisdom and innovative capacity of a network of over 200,000 solvers, and it gives solvers the opportunity to focus on challenging problems and receive a financial reward.
Here are the key components of InnoCentive's business model:
- The Seeker: pays a fee to post challenges and has access to a large database of innovative thinkers.
- The Solver: doesn't pay anything to view and submit solutions, and has the opportunity to receive a financial reward.
- The Owner: earns money through rewards and fees, and also gets recognition for helping non-profit organizations.
InnoCentive's business model offers a range of benefits, including reduced R&D costs for seekers and opportunities for solvers to earn rewards. It's a win-win situation that has been successful for over 20 years, with over 270,000 registered solvers from nearly 200 countries.
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Recently Uploaded
InnoCentive is a prize-based open innovation website that has been helping companies solve R&D problems since 2001. It was founded by the venture capital arm of pharmaceutical giant Eli Lilly and is based in Massachusetts, USA.
The website has a massive community of over 180,000 scientists, engineers, professionals, and entrepreneurs worldwide. This community is made up of individuals who are looking to solve challenges and receive financial awards for their solutions.
InnoCentive has a total of 897 challenges posted on the website, with 14,690 solution submissions received so far. The total award dollars posted on the website is $22.1 million, and a total of $4.42 million has been awarded to successful solvers.
The average success rate for solvers on InnoCentive is 45%. This means that about 1 in 5 solvers are able to successfully solve a challenge and receive a financial award.
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