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InnoCentive is a web-based community matching top scientists to relevant R&D challenges facing leading companies from around the globe. It provides an online forum enabling major companies to reward scientific innovation through financial incentives.
InnoCentive is an online, incentive-based initiative created specifically for the global R&D community. InnoCentive offers companies an opportunity to increase their R&D potential by enrolling as a “Seeker,” posting challenges to a confidential online forum, and gaining access to leading scientific minds.
How InnoCentive works
Leading companies contract with InnoCentive in order to become “Seekers,” which allows them to have Challenges posted to InnoCentive.com. Each Challenge includes a detailed description and requirements, a deadline, and an award amount for the best solution. Awards range from $10,000 to $100,000.
Scientists worldwide are eligible to register on the web site as “Solvers”. InnoCentive has registered scientists from over 170 countries around the world.
Solvers can access and evaluate Challenges and submit solutions through a secure online submission process. The science team at InnoCentive answers any questions Solvers may have and forwards submitted solutions to the Seeker company.The Seeker company reviews all submissions and issues the award for solutions that meet their requirements and are deemed the best by their organization.
For example, one of the featured R&D challenges is a method for separating DNA molecules. The deadline is at February 2006 and the solver will win 40.000$.