INNOCENTIVE :

It's a new concept of market place which enables companies to pose a R&D problem.
InnoCentive is an open innovation community of smart, creative people who provide solutions to tough problems in business, science, product development,...

The term open innovation was coined by Henry Chesbrough in his 2003 book by the same name.1 Chesbrough defines open innovation as "a paradigm that assumes firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.

Open innovation will be define more narrowly as "the process a company employs to externally search for and source research, innovation, new technologies, and products."
Open innovation was being embraced way before Chesbrough's book was published. However, many large corporations have been embracing open innovation more actively in the past five years to enhance their R&D and Product Development efforts.

All industries (engineering, biotechnology, pharmaceutics, industries of food, automobiles) need to get innocentive, which involves accessing the global research and innovation community, and reaching beyond a specific industry, discipline, or type of collaborative partner. Open innovation focuses on new ideas, risk, speed, and leverage. It is the process of looking for new sources of new technology and innovation globally.

According R. M. (Skip) Davis, Director, NineSigma "The major benefits of open innovation can be grouped into three major categories: new ideas, speed, and risk reduction.

New ideas

The most significant outcome of an open innovation program is finding new technology, new ideas, and innovation that will improve the competitive advantage of the firm. By searching globally, the firm now has access to new research, innovation, technologies, and products that can open new market segments, improve product performance, lower product costs, and increase the competitiveness of the firm. A secondary benefit is making new connections globally within the research and innovation community. These new connections can bring new capabilities to draw on for future projects.

Speed

Another key benefit of open innovation is increasing the speed of innovation in the firm. By searching globally for technologies and innovation, the firm may find a ready-to-go solution that can be quickly integrated into the Product Development process, thus reducing the cycle time for Product Development or enhancement. Even if a ready-to-go solution is not found, someone may be further along on a solution or have a different approach to solving the technology need that can quickly be taken advantage of.

Risk

Reducing risk is another benefit of open innovation. The increased knowledge from the global research and innovation community will help reduce risk in decision-making. Having a global view provides in-depth knowledge that will directly feed into decisions around which technologies or innovations to pursue or not pursue with internal resources. Making decisions based on a combination of internal knowledge and real-time intelligence from the global research and innovation community can possibly save millions of dollars in potential R&D expenditures."