September 18, 2009

BRING BACK ADMIRAL POINDEXTER:

A market for ideas : A pioneering “innovation marketplace” is making steady progress (The Economist, 9/17/09)

A PROBLEM shared is a problem solved: that is the belief that inspired InnoCentive, a firm that describes itself as the “world’s first open innovation marketplace”. Conceived in 1998 by three scientists working for Eli Lilly, a big drug company, InnoCentive was spun off as an independent start-up three years later. It is based on a simple idea: if a firm cannot solve a problem on its own, why not use the reach of the internet to see if someone else can come up with the answer?

Companies, which InnoCentive calls “seekers”, post their challenges on the firm’s website. “Solvers”, who number almost 180,000, compete to win cash “prizes” offered by the seekers. Around 900 challenges have been posted so far by some 150 firms including big multinationals such as Procter & Gamble and Dow Chemicals. More than 400 have been solved. InnoCentive reckons the approach can work for innovations in all sorts of fields, from chemistry to business processes and even economic development. It has formed a partnership with the Rockefeller Foundation, a charity, to help solve problems posted by non-profits working in poor countries, with some initial success.


Shut the CIA, open an intelligence market

Posted by Orrin Judd at September 18, 2009 6:30 AM
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