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Innocentive - Business Innovation


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This is business innovation group work which was done.

Published in: Business, Technology, Education
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Innocentive - Business Innovation

  2. 2.  Founded by Eli Lilly & Co. in 2000. Virtual portal Platform that allows “Seekers” to get connected with “Solvers” Seekers - Firms having problems/Challenges Solvers - One who submits solutions Charged seekers for posting the challenges and derived commission. IC Solvers worked independently. Anonymity is given importance.
  3. 3.  Challenges were in 6 domains Life science Chemistry Physical Science Engineering/Design Math/Computer Science Business/Entrepreneurship. RTP: Solvers need to provide the original work & detailed experimental results. Paper/Theory: Papers Submissions along with research work. Brainstorming Challenges: Brief Submissions & Guaranteed winner. No transfer of IP. eRFP: Cost effective approach challenge for Product & Service requirement
  4. 4. Defining community & collaboration for Innocentive solvers..
  5. 5.  No Local-search-phenomenon. Solvers from different background & countries & expertise. • Number of ways to solve the problem increased. • Average 10 Submissions for 1 Problem Seekers perspective - From having problem to evaluating Problem. IC played a pivotal role in articulation of challenges - Provided clear criteria for judging. Ex: Dual Use Off Grid Illumination Device Solvers have to work on the constraints which are given by seekers. Less investments in R & D for start ups. Add – on for the company’s in-house research team. One payment – No holding positions. Quicker – Lucrative (Sub – Optimal Solutions) - Diversified
  6. 6.  Monetary Rewards - (As high as $20,000 and Beyond) Personal Satisfaction of providing solutions to difficult problems. The challenge of solving puzzles.
  7. 7.  Problem / challenge that needs innovative idea to resolve. Problemwith multiple solution: To select the best among them. Problem that cannot be solved internally, so needs external support. Ex – Oil spilling in sea.
  8. 8.  Visibility of Solvers among web communities. Late submissions: Multiple views will take much time to reach a conclusion Spending time on managerial roles: That time can be utilised by working on the solution. Power and domination problem may arise among solvers. Intra group disputes on payment or decision. Low morale – Approval of one’s idea by team would create chaos. Problems in IP sharing Problem (Can be solved with one suggestion by solver 4)
  9. 9.  If organized well – Faster problem solving Better quality of solutions More Global exposure for InnoCentive. Solvers coming out of their domain and innovate more. (Dr. Shekar Khonjeti – Personal Profile) Provision for help - Contributing for other solvers’ interest. Solutions made through “wiki” – Can be improved by others. Ability to expand the platform more than the existing six domains.
  10. 10. Presented By:Siva Priya SMegha S TomarSonia MalhotraKaveri SethManu KanchanMegha Dhingra