Innocentive
1) Why would firms use InnoCentive’s service to solve scientific and technical problems?
InnoCentive is a so-called innovation marketplace founded in 2000 that connected "Seeker" firms posing scientific problems ("Challenges") with a community of more than 285,000 "Solvers" who submitted solutions. By joining InnoCentive's open innovation revolution, "Seeker" firms' institution increases their R&D capacity while reducing the risk and cost associated with research failure. Essentially, Seekers pay for solutions, not work, failure, trial and error. This is possible thanks to the three main paradigms which characterize InnoCentive: open innovation, crowdsourcing, and prize-based competition. In particular, the first two concepts are strictly related to Seekers’ decision to use InnoCentive's service to face the Challenge-solving problem.
The first main idea behind InnoCentive is "open innovation" and its power. The open innovation paradigm can be understood as the antithesis of the traditional vertical integration model where internal R&D activities lead to internally developed products that are then distributed by the firm. Open innovation assumes that firms can and should use external as well as internal ideas, and internal and external paths to market, in order to generate additional value for the firm. This paradigm considers R&D an open system. From this point of view the fundamental role played by InnoCentive is to provide an innovation marketplace where Seekers (such as progressive, innovation-driven companies, government agencies and non-profit organizations) can find the right solutions to their tough business and R&D problems. Strictly connected to this important aspect, there is the second main concept: crowdsourcing. It indicates a type of participative online activity in which an institution, a non-profit organization, or company proposes to a group of individuals (the "Solvers") the voluntary undertaking of a task. These Solvers are people
InnoCentive is a so-called innovation marketplace founded in 2000 that connected "Seeker" firms posing scientific problems ("Challenges") with a community of more than 285,000 "Solvers" who submitted solutions. By joining InnoCentive's open innovation revolution, "Seeker" firms' institution increases their R&D capacity while reducing the risk and cost associated with research failure. Essentially, Seekers pay for solutions, not work, failure, trial and error. This is possible thanks to the three main paradigms which characterize InnoCentive: open innovation, crowdsourcing, and prize-based competition. In particular, the first two concepts are strictly related to Seekers’ decision to use InnoCentive's service to face the Challenge-solving problem.
The first main idea behind InnoCentive is "open innovation" and its power. The open innovation paradigm can be understood as the antithesis of the traditional vertical integration model where internal R&D activities lead to internally developed products that are then distributed by the firm. Open innovation assumes that firms can and should use external as well as internal ideas, and internal and external paths to market, in order to generate additional value for the firm. This paradigm considers R&D an open system. From this point of view the fundamental role played by InnoCentive is to provide an innovation marketplace where Seekers (such as progressive, innovation-driven companies, government agencies and non-profit organizations) can find the right solutions to their tough business and R&D problems. Strictly connected to this important aspect, there is the second main concept: crowdsourcing. It indicates a type of participative online activity in which an institution, a non-profit organization, or company proposes to a group of individuals (the "Solvers") the voluntary undertaking of a task. These Solvers are people