InnoCentive and IQT Establish Strategic Partnership

InnoCentive is now part of Wazoku

WALTHAM, Mass. – June 21, 2010 – InnoCentive, Inc., the open innovation experts, today announced a strategic investment and development agreement with In-Q-Tel (IQT), the independent, strategic investment firm that identifies innovative technology solutions to support the missions of the U.S. Intelligence Community. This strategic partnership will enable InnoCentive to deliver methodology and services in support of the U.S. Intelligence Community.

InnoCentive@Work is an internal, Web-based community for problem solving, customized and hosted by InnoCentive for its client organizations. InnoCentive@Work enables companies to tap into their employee knowledge base, bridging silos between departments and making it easier to identify and recognize innovative contributors. Employees are able to post Challenges to the internal company site, allowing coworkers to view and collaborate on each other’s proposed solutions.

“Collaboration and information sharing are essential elements of the Intelligence Community’s work flow,” said William Strecker, executive vice president of architecture & engineering and CTO at IQT.  “By partnering with InnoCentive, IQT will be able to continue supporting our partner agencies as they collaborate internally and with each other, sharing ideas and developing innovative solutions to challenging problems.”

“IQT has a proven history of working with its portfolio companies to identify solutions that can have an impact for the Intelligence Community and U.S. national security,” said Dwayne Spradlin, CEO of InnoCentive. “We are pleased to be working with IQT in this regard.”

The specific terms of the strategic investment and development agreement are not disclosed.

About InnoCentive, Inc.

Since 2001, InnoCentive has helped corporate, government, and non-profit organizations to better innovate through crowdsourcing, strategic consulting services and internal Software-as-a-Service offerings.  The company built the first global Web community for open innovation where organizations or “Seekers” submit complex problems or “Challenges” for resolution to a “Solver” community of more than 200,000 engineers, scientists, inventors, business professionals, and research organizations in more than 200 countries. Committed to unleashing diverse thinking, InnoCentive continues to introduce new products and services exemplifying a new corporate model where return to investors and individual passion go hand in hand with solving mankind’s most pressing problems. For more information, visit www.innocentive.com.

About IQT

IQT is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the missions of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, IQT’s mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community’s critical technology needs, IQT engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger Intelligence Community. IQT concentrates on several broad commercial technology areas, including physical and biological technologies; security; and software and infrastructure. To date, IQT has partnered with more than 150 companies and delivered more than 300 technology solutions to the Intelligence Community. To learn more, visit www.iqt.org.

For more information contact:

Karyn Martin
Emerge PR
kmartin@emergepr.com
617-729-3173

Connie French
InnoCentive Marketing Director
press@innocentive.com