The Business Model of InnoCentive
InnoCentive is a global open innovation and crowdsourcing corporation headquartered in Waltham, Massachusetts, with an EMEA headquarter in London, United Kingdom. They enable organizations to address unsolved problems and unmet needs by posing them as 'Challenges' to the crowd. The crowd can be external (i.e., their network of over 380,000 issue solvers) or internal (i.e., an organization's workers, partners, or customers) in the case of InnoCentive. Awards, which are often monetary in nature, are provided for contributions that match the Challenge's conditions. The average prize for a Challenge is $20,000, although several exceed $100,000. InnoCentive has conducted over 2,000 external Challenges and over 1,000 internal Challenges to date, giving over $20 million in prize money.