Innocentive Case Study

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Innocentive Case Study

  1. 1. INNOCENTIVE CASE STUDY The New Strategic Business Model that combines Incentive and Innovation
  2. 2. INNOCENTIVE BUSINESS • Type of business: E-Business Online community of 160,000+ global researchers in more than 175 countries • Founded in: 2001 / Owned by: Alpheus Bingham • Concept: Innocentive offers expertise knowledge and creativity from talented outsources candidates to companies that need to solve Research & Development problems in Engineering, Math, Physical Science, Computer Science, Business, Chemistry and Life Sciences • Product: Online posting problems offers that need research, development, and innovation assistance • Target: Seekers (companies who post challenges): Corporate and nonprofit clients Solvers (people who solve challenges): Researchers, scientists, engineers, and mathematicians from around the world
  3. 3. INNOCENTIVE ADDED VALUE
  4. 4. CUSTUMER GROUPS SERVED
  5. 5. INNOCENTIVE REVENUE
  6. 6. INNOCENTIVE COMPETITORS • Philoptima, llc.™ Founded in: 2007 Located at: New Orleans, USA • Philoptima is a business internet company that offers private solutions searches for foundations, donors and other grant makers posing challenges with cash prizes. • http://www.philoptima.org/ • NineSigma Founded in: 2000 Located at: Cleveland, USA • NineSigma offers a marketplace for seekers and solvers of solutions and connects clients with opportunities to make workable connections to solve their business and technology challenges. • http://www.ninesigma.com/
  7. 7. CAN THE INNOCENTIVE MODEL APPLY OFFLINE AS WELL OR IT IS A UNIQUE TO THE WEB? • First of all, I note that the Innocentive’s concept was first applied offline through traditional annual Research & Development Challenges and regional or national Prices. • But nowaday, it is indisputable that it is easier and more strategic for companies to post challenges online because thanks to Internet challenges are visible and accessible at any time all around the world. • Consequently, thanks to the Innocentive’s business model, companies can save time, multiply their resources and increase the number of solutions with lower costs compared to the traditional offline way. • To conclude, because the Innocentive’s model is effective and economic, I note that more and more websites (Netflix, Glodcorp, FellowForce, IdeaCrossing…) offer cash awards for innovative solutions to problems by applying a business model based on Crowdsourcing and Open innovation.
  8. 8. IS THE INNOCENTIVE MODEL SCALEABLE, SUBSTAINABLE? • Because Innovation is today one of the most important requirement for growth and profitability, companies spend high Research and Development budget in order to increase their competitiveness on the market. • But for companies, it is becoming financially more and more difficult to improve continuously their business technologies and find innovations. • Consequently, large corporations are now looking for external resources to solve their internal problems and reduce their Research & Development budget. • For this main reasons, I can say that the Innocentive model is scaleable and sustainable because all types of companies and business will be always concerned and confronted to: Competitiveness and innovative solution with effective Human Resources and High profit with low cost. • And I can also conclude that the Innocentive ‘s business model will always be helpful for companies all around the world because it makes them competitive at a lower price.
  9. 9. HOW WOULD I CAN INCREASE THE INNOCENTIVE BUSINESS MODEL?
  10. 10. INNOCENTIVE KEY SUCCESS

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