New Book by InnoCentive Executives Unveils the Challenge Driven Enterprise

InnoCentive is now part of Wazoku

Waltham, Mass.—April 13, 2011—InnoCentive, the global leader in Challenge Driven Innovation, today announced the availability of The Open Innovation Marketplace: Creating Value in the Challenge Driven Enterprise, a book co-authored by InnoCentive CEO Dwayne Spradlin and co-founder Alpheus Bingham, that provides strategic guidance on how organizations can dramatically increase their innovation effectiveness and business performance.

“The Challenge Driven Enterprise represents a new vision with far-reaching implications for improving the speed, agility and efficiency of business,” said Spradlin. “It enables powerful new modes of innovation while creating the flexibility to capitalize on new business opportunities. 21st century leaders are already realizing the scale of the change required. They must engage users, partners, customers and an entire world of problem solvers to stay innovative, deliver new products and dominate the competition. ”

Through illustrative case studies including NASA, Proctor & Gamble, Eli Lilly and the nonprofit Prize4Life, authors Spradlin and Bingham describe an innovation framework called Challenge Driven Innovation which accelerates traditional innovation outcomes by leveraging open innovation and crowdsourcing, along with defined methodology, process and tools to help organizations develop and implement actionable solutions to their key problems, opportunities and challenges. This proven framework and methodology helps organizations establish the process, discipline and communication necessary for continuous and sustained impact, ultimately facilitating their transformation into Challenge Driven Enterprises.

“Many of the current business processes relating to innovation were forged before the world became truly connected,” said Bingham. “New innovation processes need to reside on an innovation architecture that reflects a world where knowledge is fluid, where connections are fast, and where objective transcends geography. Challenge Driven Innovation, the topic of the first half of the book, was designed with this reality in mind.”

Readers of The Open Innovation Marketplace will learn how to:

• Integrate multiple innovation channels in one high-value framework: How to successfully choose and integrate complementary innovation sources

• Access the “long tail” of expertise and a whole world of innovators on demand: Tap innovation from an entire planet of creative and passionate problem solvers

• Gain the breakthrough benefits of a Challenge Driven Enterprise: Virtualize and transform the business for twenty-first century competitiveness

• Transform the organization by enabling open innovation and better business practices: Overcome the Not Invented Here (NIH) mentality and unleash the organization’s true innovation potential

“Seldom is there a book on innovation that aims to innovate both the innovation process and the firm itself,” said John Seely Brown, co-chair, Deloitte Center for the Edge. “This book shoots high and delivers! The Open Innovation Marketplace is both inspirational and practical. It lays out the foundations for a new kind of twenty-first century firm – the Challenge Driven Enterprise – that is agile, fast, and can leverage capabilities from around the world. This book is a must read not only for R&D managers, but even more so for CEOs and CFOs, especially those CFOs that seek leverage beyond just financial leverage.”

The Open Innovation Marketplace is available today. More information, along with a video summary, is available online at www.innocentive.com/about-us/open-innovation-marketplace.

For more information about InnoCentive, read our story here.

About InnoCentive, Inc.

InnoCentive is the global leader of Challenge Driven Innovation that bridges the gap between great ideas and actual solutions to drive measureable results. Recognized as an open innovation and crowdsourcing pioneer, InnoCentive’s proven methodology, expanding global network of creative and passionate problem solvers, and Cloud-based technology platform enable organizations to tap all potential sources of innovation – employees, customers, partners, and InnoCentive’s unmatched Global Solver Community – to accelerate their pace of innovation and evolve toward becoming true Challenge Driven Enterprises. Leading commercial, public sector, and non-profit organizations such as Eli Lilly, Medtronic, NASA, Nature.com, Procter & Gamble, Roche, Rockefeller Foundation, and The Economist partner with InnoCentive to help them solve their most pressing problems and challenges. For more information, visit www.innocentive.com.