21 September 2009

InnoCentive ~ Innovation Marketplace For Ideas

Interesting to read in the Economist about InnoCentive: A market for ideas...
"...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."
They've done a good job of handing IP issues and generally providing market-making liquidity to human capital markets. Great lead indicator of things to come.

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