InnoCentive

About InnoCentive

InnoCentive operates as an open innovation and crowdsourcing company, connecting organizations with a global network of individuals and experts to solve complex problems. The company's business model is centered around "Challenges," where client organizations (Seekers) post their problems, and a diverse community of "Solvers" submit solutions in a competitive environment. This model allows businesses, government agencies, and non-profits to access a wide range of ideas and expertise that would be unavailable through traditional internal R&D.

Clients served by InnoCentive include large corporations such as AstraZeneca and Ford, as well as government bodies like NASA. The company operates in the innovation management market, providing a platform for organizations to externalize their research and development needs. Revenue is generated by charging fees to the "Seeker" organizations for posting their challenges and for the subsequent management of the solution process. In 2020, InnoCentive was acquired by Wazoku, a provider of idea management software, integrating its crowdsourcing capabilities into a broader innovation platform.