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Innocentive business model

Analyse of the business model of Innocentive


on 6 September 2010

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Transcript of Innocentive business model

InnoCentive Business description Who are the seekers ? Partners Owners Crowdsourcing innovation Connecting real world problems
to creative solvers throughout the world
non profit organizations

Revenue sources Seekers pay a fee to post challenges
Seekers pay a commision on the amount awarded
Fess on consulting services about innovation

Business and Entrepreneurship
Computer Science and IT
Engineering and Design
Food & Agriculture
Life Sciences
Math and Statistics
Physical Sciences
Requests for Partners/Suppliers Solvers are not limited by educational background and can search through any category to view Challenges and submit solutions
They sign a solver agreement
They receive a financial reward
They contribute to the success of a product
Be part of a seeker community
increase their research and development capacity
reduce the risk and cost associated with research failure.
accelerate change by finding specific skills on an open innovative market place
High return on investment
benefits for seekers ? ONRAMP is a set of services provided to InnoCentive clients, designed to accelerate the successful implementation of an Open Innovation strategy into your business.
ONRAMP includes planning and goal setting, process and best practices training, internal communications tools and performance monitoring, delivered both in person and via a customized Seeker portal. Improve open innovation in organizations is this a sustainable business model ? "We believe that innovation and problem solving need to evolve
in order to meet the challenges of the 21st century" Solver Lights Up African Villages
Many problems afflict developing countries—poverty, women’s safety, literacy, and disease. Add to the list, the lack of electricity. SunNight Solar wanted to develop a dual-purpose solar light that would function as a lamp and a flashlight to be used in African villages and other areas of the world without electricity.To find a solution, it turned to the InnoCentive Solver community. An electrical engineer from New Zealand solved the Challenge and was awarded $20,000 in March 2008; two months after the Challenge was posted. How can we stretch this business model ? Who are the solvers ? experts who want to earn money by finding implementing solutions to real problems (scientist, engineer, inventors, business people, ...) Benefits for solvers ? translate the web site in different languages to open it to seekers and solvers in more countries
add and advertising section
open a more visible plattform for consultancy in improving efficiency of innovation process in organzations
on line sale of books or seminars
Main competitors Philoptima.org Fellowforce Gurustorms This model only works on the web, based on a crowdsourcing principe
They believe on solving problems that matter. This ensure a sustainable economic devlopment
We can observe social and environmental applications due to empowerment of the problem submit by seekers and solutions found by solvers.
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