Model 1: InnoCentive

Launched in 2001 as an e-business venture by Eli Lilly, the InnoCentive marketplace is an online community where institutions, or “seekers”, post unsolved Challenges to InnoCentive’s Open Innovation Marketplace, where 160,000+ registered “solvers” can review the problem and propose a solution. If a solution is selected as “best”, the Solver receives a financial award, which varies per Challenge. Dubbed “Connect and Develop,” the marketplace allows companies to tap the talents of a global scientific community quickly and efficiently without having to employ contributors full-time. InnoCentive helps seekers focus and communicate their problem while also supporting solvers to refine their proposed solutions. InnoCentive began offering challenges in the disciplines of chemistry and life sciences, but has quickly expanded into physical science, engineering and design, computer science, mathematics, and business and entrepreneurship. They also post challenges in areas of interest such as global health, development, technology, public policy, and renewable energy. For more information, please visit www.innocentive.com.