Innocentive: Open Innovation Marketplace.

The Wiki template has inspired many an interesting business model.Innocentive a company styled on similar Wiki constructs fosters the ‘open science’ concept offering an innovative manner of conducting open source R&D by facilitating online interface between the companies and researchers. A win –win model, researchers get compensated with a generous cash prize for offering viable tech solutions.

Companies such as Eli lily and the Rockefeller Foundation have subscribed to this initiative. Seeking solutions to their R&D issues by networking with an online database of researchers these organizations are able to tap into a treasure trove of global expertise that may not have been within reach hitherto.

This model carries underpinnings of collaborative social innovation and philanthropy, offering yet another interesting case study on ‘creative capitalism’.

“Even more striking for an organization that has suffered from “not invented here” syndrome, Rockefeller is teaming up with Innocentive, an online business that posts problems and offers rewards to innovators who solve them. Rockefeller will provide funding to adapt this “open innovation” model to helping the poor. Next are likely to be projects on climate change and on the growing insecurity that many people experience.” – The Economist

Take the case of Mark Brent a former U.S diplomat who earlier served in Africa, currently a successful social entrepreneur .Innocentive also helped him achieve his dream mission of lighting up the ‘Dark Continent’ and respond to his ‘pay back to society’ conscience call

Innovation on the wikinomics model has already made a difference for Bent and the tens of thousands of African families using his solar-powered light. The company recently passed $1 million in sales, and Bent expects to expand his line, adding a solar-powered UV water-filtration system.

Aptly hailed “as the first inning of a new renaissance, Innocentive offers the opportunity to social satraps like Brent to promote social development causes.

How this works:

The Innocentive Community comprises of about 14,000 researchers spread across the globe, many of them located in the remote corners of India and Russia. Innocentive acts act the conduit between the companies(‘seekers’) and the researchers(solvers’) posts the queries received from the companies on its website, leaving it open to its research community to field it. Companies are usually looking for solution in the areas of product development, science or business. Enabling cost effective R&D, also facilitates optimal resource uptake of expertise and skills.

Where capital resource falls short, an intelligent application of intellectual capital supplements!

WatchThe Innocentive Oil Spill Clean up On You Tube