Sharing is Caring! Thanks!

Background

InnoCentive.com is a pioneering open innovation and crowdsourcing platform that connects
‘Seekers’ – organizations or individuals who are looking for innovative solutions to their problems, with ‘Solvers’ – a global network of diverse and creative thinkers who are eager to tackle those challenges.
The platform was launched in 2001 by Eli Lilly and Company, a pharmaceutical giant, with the aim of accelerating innovation by tapping into the collective intelligence of a global crowd.

The Innovator of Connecting Seekers and Solvers

InnoCentive.com has revolutionized the way organizations approach problem-solving.

By breaking down traditional barriers and fostering collaboration between Seekers and Solvers, InnoCentive.com has become a catalyst for innovation. The platform hosts a wide range of challenges, from scientific research to business strategy, and offers monetary rewards for the best solutions.

Strategy

InnoCentive.com operates on an open innovation model.
This means that instead of relying solely on internal resources for problem-solving, organizations can tap into external knowledge and expertise.

The strategy is simple:
Seekers post their challenges on the platform along with a detailed description and the reward amount.
Solvers from around the world then submit their solutions, which are evaluated by the Seeker. The Solver with the best solution receives the reward.

Actions

To facilitate this process, InnoCentive.com provides a robust platform where Seekers can post their challenges and Solvers can submit their solutions.
The platform also provides tools for communication between Seekers and Solvers, ensuring a smooth exchange of ideas.
In addition to this, InnoCentive.com also offers consulting services to help organizations define their challenges and manage the process.

Success Factors

The success of InnoCentive.com can be attributed to several factors.

Firstly, it leverages the power of crowdsourcing, allowing organizations to access a diverse pool of talent that they might not have been able to reach otherwise.

Secondly, it provides a win-win situation for both Seekers and Solvers – Seekers get innovative solutions to their problems, while Solvers get the opportunity to apply their skills and earn rewards.

Lastly, InnoCentive.com has a strong community of Solvers who are motivated by the challenge of solving complex problems.

Conclusion

In conclusion, InnoCentive.com is a powerful platform that harnesses the power of open innovation and crowdsourcing to solve complex problems. By connecting Seekers with Solvers, it has created a global marketplace for innovation where ideas can be exchanged freely. Whether you’re an organization looking for innovative solutions or an individual with creative problem-solving skills, InnoCentive.com offers a unique opportunity to collaborate and innovate.