Innocentive. Com Executive Summary
InnoCentive.com
Technology Strategy
InnoCentive
InnoCentive.com is a challenge driven innovation website that was founded in 2001 by Elli Lilly’s Venture unit. Its objective is to connect companies (the “Seekers”) to independent inventors, scientists or simply people that like challenges and to earn some money out of it (the “Solvers”). On the website, Seekers can post “R&D Challenges” to which Solvers submit their solutions. The Solver(s) that will be deemed by the Seeker to have posted the best solution(s) will be granted with a financial reward. In this process, the InnoCentive scientific team works hand-in-hand with the Seekers in order to make sure the problem posted by the Seeker is articulated in a way to ensure that the …show more content…
disruption arbitrage to define whether or not a project should be submitted on IC. If your R&D is part of a long-term strategy plan in a field of expertise that is well known by the company, then submitting it to IC may jeopardize the long-term view of the firm. However, IC should be used in case the company seeks for a “disruptive innovation” that would enable the firm to rapidly diversify itself in a “non-obvious” way. Besides, the flexibility and velocity of the IC community could also enable the firm to outpace its competitor in the launch of innovative products. These two approaches should nonetheless not be seen as separate approaches: the R&D department of a company would benefit from these two perspectives as they can “cross fertilize” as long term R&D can benefit from the “fresh view” of the IC community as these findings can be incorporated into more long term research.
Eventually, submitting a problem on IC, at a certain extent, means telling people what kind of R&D you have already achieved, the solutions you have explored, and why or why not you will continue to investigate these areas. Hence, IC raises some confidentiality and Intellectual property issues. Even though usually industries are looking for the same enhancement of their products and solving it on IC can be cheaper and quicker for you than for your competitors, companies should not submit their pioneering ideas because of mimicking
Technology Strategy
InnoCentive
InnoCentive.com is a challenge driven innovation website that was founded in 2001 by Elli Lilly’s Venture unit. Its objective is to connect companies (the “Seekers”) to independent inventors, scientists or simply people that like challenges and to earn some money out of it (the “Solvers”). On the website, Seekers can post “R&D Challenges” to which Solvers submit their solutions. The Solver(s) that will be deemed by the Seeker to have posted the best solution(s) will be granted with a financial reward. In this process, the InnoCentive scientific team works hand-in-hand with the Seekers in order to make sure the problem posted by the Seeker is articulated in a way to ensure that the …show more content…
disruption arbitrage to define whether or not a project should be submitted on IC. If your R&D is part of a long-term strategy plan in a field of expertise that is well known by the company, then submitting it to IC may jeopardize the long-term view of the firm. However, IC should be used in case the company seeks for a “disruptive innovation” that would enable the firm to rapidly diversify itself in a “non-obvious” way. Besides, the flexibility and velocity of the IC community could also enable the firm to outpace its competitor in the launch of innovative products. These two approaches should nonetheless not be seen as separate approaches: the R&D department of a company would benefit from these two perspectives as they can “cross fertilize” as long term R&D can benefit from the “fresh view” of the IC community as these findings can be incorporated into more long term research.
Eventually, submitting a problem on IC, at a certain extent, means telling people what kind of R&D you have already achieved, the solutions you have explored, and why or why not you will continue to investigate these areas. Hence, IC raises some confidentiality and Intellectual property issues. Even though usually industries are looking for the same enhancement of their products and solving it on IC can be cheaper and quicker for you than for your competitors, companies should not submit their pioneering ideas because of mimicking