InnoCentive Announces Time Critical Challenge Offering

By Wazoku

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InnoCentive is now part of Wazoku

Waltham, Mass. – October 1, 2009 – InnoCentive, Inc., the world leader in open innovation, today announced a new offering, the InnoCentive Time Critical Challenge. This Challenge offering was created in response to the demands of organizations around the world seeking faster delivery of Challenge solutions. The new Time Critical Challenge allows Seeker companies to develop a Challenge and secure a solution in just 30 days.

A Time Critical Challenge includes several unique services designed to help the Seeker receive faster solutions. Services include a dedicated client services team for rapid Challenge development, focused Challenge marketing and priority due diligence support. This process compresses the duration of all three major Challenge phases: time to develop and post, running time of the Challenge, solution evaluation and IP transfer.

The Time Critical Challenge provides InnoCentive Seekers with candidate solutions for evaluation as they are received during the posting period. In most cases, Seekers are allowed to select and award a successful solution prior to the Challenge closing date. In turn, Solvers receive feedback on their solutions and are awarded prizes quickly.

“Time Critical challenges introduce an exciting new dimension to prize-based innovation. For some Challenges, solutions just can’t wait,” said Dwayne Spradlin, CEO of InnoCentive. “Time Critical Challenges offer the opportunity for Solvers to win premium awards over and above the base Challenge award amount for a solution submitted early- effectively creating a ‘race to the answer.’ This new incentive structure allows Solvers to be rewarded for both speed and accuracy in addressing our Seekers’ most urgent problems.”

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 180,000 engineers, scientists, inventors, business professionals, and research organizations in more than 175 countries. Prizes for winning solutions are financial awards up to US $1,000,000.  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.

By Wazoku

Wazoku is an innovation SaaS business that helps some of the world’s biggest organizations to innovate at scale. Whether it’s making the most of your employee's ideas, identifying new partners to collaborate with, or exploring the boundless potential of open innovation – or all three! – Wazoku makes innovation happen.