Innocentive

InnoCentive is a clever concept that allows other companies to present mostly research and development problems that needs solutions, while other companies or individuals are welcome to find those solutions. The name is derived from this concept: giving an incentive for finding an innovative solution. The "solvers" look for these solutions and the "seekers" then pay those who find an adequate solution usually somewhere between $10,000 and $100,000.

Eli Lilly, the pharmaceutical company, owns InnoCentive. It was the first "seeker" company for the web site. InnoCentive.com charges the "seekers" a fee to register and to post their challenges on the InnoCentive.com web site. "Solvers" can register with the company, fee-free, then view the challenges ou on the web site. Throughout the process, the identity of the "seeker" company remains undisclosed. This is a very innovative way of relieving companies of the burden of finding solutions on their own. Instead, they can essentially outsource the work, pay the person without employing him or her, get a solution, and move on. This saves time, money, and other resources. It also gives scientists around the world, the chance to shine and become recognized.