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Chuck's InnoCentive Case Study on Monday ASAE AGM08

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Chuck Davis, Reg. Director, Innovation Solutions, InnoCentive, slides from ASAE & Center AGM08 "Using Open Business Models to Create New Value"

Chuck Davis, Reg. Director, Innovation Solutions, InnoCentive, slides from ASAE & Center AGM08 "Using Open Business Models to Create New Value"

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    • 1. InnoCentive – Creating New Value Monday August 18, 2008 Chuck Davis Director, Open Innovation Solutions Region: Western USA & Canada and APAC [email_address]
    • 2. About InnoCentive – Solver Viewpoint
      • YouTube:
      • http://www.youtube.com/watch?v=0mdf_VZDNz4
      • Local:
      • C:UserscdavisDesktopSolver VideosSolver_Video_1.mov
    • 3. History of Prize Based Innovation
      • Longitude Prize
      • Offered by the British government through an Act of Parliament in 1714 for a simple and practical method for the precise determination of a ship's longitude.
      • In total, over ₤100,000 was given in the form of encouragements and awards, the significant winner was John Harrison who received ₤14,315 for his work on chronometers from 1737 to 1764.
      • Orteig Prize
      • $25,000 reward offered in 1919 by hotel owner Raymond Orteig to the first allied aviator(s) to fly non-stop from New York City to Paris or vice-versa. By1924, aviation technology had advanced to the point that numerous competitors vied for the prize.
      • Relative-unknown Charles Lindbergh won the prize in 1927 in his aircraft Spirit of St. Louis.
      • Lindbergh was both the first solo pilot and the first American to cross the Atlantic non-stop in a fixed-wing aircraft (rather than an airship), and he promptly became a national hero.
      Charles Lindbergh and Raymond Orteig John Harrison’s Chronometer H5 Source: Wikipedia
    • 4. History of Prize Based Innovation (cont.)
      • Ansari X Prize
      • X PRIZE was a space competition in which the X PRIZE Foundation offered a US$10,000,000 prize for the first non-government organization to launch a reusable manned spacecraft into space twice within two weeks.
      • The prize was won on October 4, 2004, by the Tier One project designed by Burt Rutan and financed by Microsoft co-founder Paul Allen, using the experimental space plane SpaceShipOne.
      • $10 million was awarded to the winner, but more than $100 million was invested in new technologies in pursuit of the prize.
      • DARPA Grand Challenge
      • The DARPA Grand Challenge is a prize competition for driverless cars, sponsored by the Defense Advanced Research Projects Agency.
      • Congress has authorized DARPA to award cash prizes to further DARPA’s mission to sponsor revolutionary, high-payoff research that bridges the gap between fundamental discoveries and their use for national security.
      • The first, second and third places in the 2007 Urban Challenge received US$2 million, US$1 million, and US$500,000, respectively.
      Vehicle in development for 2007 challenge X Prize Award Ceremony Source: Wikipedia
    • 5. Open Innovation Receives Market Recognition
    • 6. News Flash – InnoCentive In the News Procter & Gamble Expands Utilization of InnoCentive http://money.cnn.com/news/newsfeeds/articles/marketwire/0389327.htm Businesses Harness Power of the Crowd  @ http://www.npr.org/templates/story/story.php?storyId=12323871 Columbian Manufacturer Posts Public Challenge @ http://www.youtube.com/watch?v=cD_yQsVcxFE 2008 InnoCentive Ideation Challenge Finalists @ http://www.innocentive.com/crowd-sourcing-news/?page_id=103 Shift Happens @ http://www.youtube.com/watch?v=Bzlb9wLOvtg If You Have a Problem, Ask Everyone http://www.nytimes.com/2008/07/22/science/22inno.html Podcast: How InnoCentive is still Innovative http://www.businessweek.com/mediacenter/podcasts/innovation/innovation_07_01_08.htm How Many People Does It Take To Make a New Lightbulb? http://www.time.com/time/health/article/0,8599,1721082,00.html Science by the Masses http://www.sciencemag.org/cgi/content/full/319/5871/1750
    • 7. InnoCentive’s Global Solutions Marketplace
        • Founded in 2001 within Eli Lilly
        • Preeminent Global Network
          • 160,000+ Solvers and growing
          • Solvers in 175 Countries
          • 700+ postings,
          • 7,000+ Solutions Submitted
          • Success > 35%
      • Successful History of IP Transfer
          • 99+% Successful transfer rate
          • IP transferred in/out of 60+ Countries
    • 8. InnoCentive Business Model Overview CHALLENGE Seeker’s Complex Business/Technical Need, Problem or Project for Solver Attention An Open, Completely Secure, Anonymous and Confidential Online Marketplace focused on solving tough R&D challenges SOLVER 160,000+ engineers, scientists, inventors, business people, university faculty & students, and other research organizations in 175+ countries from 60+ scientific & technical disciplines SEEKER Commercial, Government & Non-Profit Organizations.
      • AWARD & SOLUTION
      • Solutions Presented in 30–90 Days
      • Pay for Performance
      • Solution Rate > 35%
    • 9. InnoCentive Solver Demographics Data as of Jan 26, 2008 Solved Challenges by Solver Location Solved Challenges by Education
    • 10. Product Development Life Cycle & InnoCentive Front-End of Innovation New Product Development Launch to End of Life Apply InnoCentive Here to Find Solutions Internal Sources Employees Databases External Sources Customers Partners Internet Patent Searches Competitive Info $ $ $ $ $ $ $ $ $ $ $ $ $
    • 11. InnoCentive Ideation Challenge Brainstorming and Idea Generation for The Next Big Idea
      • Overview
      • Innovation starts with an idea, breakthrough innovation starts with a BIG IDEA. But how do you stay ahead of the competition to find that one, great, breakthrough idea that puts you in the lead?
      • You could do an internal brainstorming session – relying on 10 or 20 of your organization’s best and brightest. But it is a limited pool of people and you may or may not hit on that big idea.
      • But think of the diversity of thought that comes from extending your brainstorming session from 10 people to 140,000 of the world’s most creative minds?
      • Suddenly the big idea gets a little closer.
      Ideation
    • 12. InnoCentive Ideation Challenge Brainstorming and Idea Generation for The Next Big Idea
    • 13. InnoCentive Theoretical Challenge Detailed description, specs and requirements for The Design
      • Overview
      • You have the idea – or maybe you have more than one idea.
      • How do you take that idea one step closer to an actual product or service? Is your idea feasible? Is there more than one way to bring it to life?
      • You could invest in more personnel, hoping that this will move your idea closer to a real product. But that is expensive, time consuming and you must invest funds whether or not you get a solution.
      • Why not dramatically increase your chances of getting the most innovative solution by asking the InnoCentive Solver community to solve it for you?
      • Get multiple theoretical solutions from which to choose, and significantly reduce your cost by only paying an award if you receive a solution that you like.
      Theoretical
    • 14. InnoCentive Theoretical Challenge Detailed description, specs and requirements for The Design
    • 15. InnoCentive RTP Challenge Sample product prototype and test results for The Proof
      • Overview
      • Okay, you have the idea. You have a theory or design that you think will work.
      • Now you want to prove your theory with a prototype.
      • Can it actually be produced? Will the product provide wide enough margins to make it worthwhile? How do you create the most unique product from your idea?
      • Again, you could invest in personnel and facilities, with all the additional expense that entails, and still miss more creative and innovative solutions by relying on just one or two small teams.
      • Post a Challenge and allow the InnoCentive Solver community to do what it does best – do the legwork for you and provide multiple creative solutions. You get access to thousands of minds, but only award the prize if you find a prototype that meets your requirements.
    • 16. InnoCentive RTP Challenge Sample product prototype and test results for The Proof
    • 17. InnoCentive eRFP Challenge Locate partner to deliver product or service for The Final Product
      • Overview
      • A request for a partner or supplier to provide materials or expertise to help solve a business challenge.
      • Utilize the InnoCentive network to find businesses or consultants that have already developed the technology you need or have the experience to help you develop it yourself.
      • You could invest hours of valuable and costly time identifying, researching and narrowing down the field of contractors, consultants or service providers and then submit an RFP to each one.
      • Or you can completely skip that costly process and just create one eRFP and let the providers come to you.
      • Post an eRFP Challenge and sit back and let the responses pour in. Choose the proposal that best meets your needs. You negotiate the terms directly with the chosen vendor and only pay InnoCentive an eRFP posting fee.
    • 18. InnoCentive eRFP Challenge Locate partner to deliver product or service for The Final Product
    • 19. About InnoCentive – Seeker Viewpoint
      • YouTube:
      • http://www.youtube.com/watch?v=AiBiYewCnEI
      • Local:
      • C:UserscdavisDesktopSolver VideosMarkBent_Video1_5MB.mov
    • 20. Learn More – Contact Me Chuck Davis Director, Open Innovation Solutions Region: Western USA & Canada and APAC [email_address]