InnoCentive is a platform that uses crowd sourcing to solve problems through an open innovation model. It connects scientists, engineers and other professionals around the world to collaborate on solutions for organizations' research and development challenges. Companies post problems on InnoCentive along with monetary rewards, and thousands of potential solvers from various backgrounds and locations attempt to address the issues. This allows companies to outsource research and development without needing to hire full in-house teams. InnoCentive also promotes knowledge sharing and management by creating a virtual network where collective intelligence can be applied to challenges.
InnoCentive is an online platform that crowdsources solutions to research and development problems posted by companies. Founded in 2001, it connects "seekers" with technical problems to a community of over 180,000 expert "solvers". If a solver succeeds, they receive a financial award between $5,000-1,000,000. InnoCentive has facilitated over 897 challenges, 14,690 submissions, $22.1 million in awards posted and a 45% success rate. It generates revenue from challenge posting fees and consultancy services. As an open innovation model, InnoCentive could expand its user base and revenue sources by partnering with universities, developing advertising, and adding services like sales and