SOURCE: InnoCentive

July 08, 2008 10:27 ET

InnoCentive and Pendulum Services Bring Open Innovation to Government Agencies

Companies Join Forces to Leverage InnoCentive's Global Community of Solvers to Uncover Solutions to Government Challenges

WALTHAM, MA--(Marketwire - July 8, 2008) - InnoCentive, Inc., the global Open Innovation Marketplace and Pendulum Services LLC, an industry leader in implementing public-private partnerships (P3), today announced a strategic partnership that will jointly bring open innovation into the public sector.

News Highlights:

-- Pendulum is an innovation intermediary that will utilize the InnoCentive business model and methods to help its clients find solutions to complex technical problems and therefore fill gaps in technology, know-how, manufacturing and the knowledge chain.

-- With the rapid global development of technology and competition, there is a need to quickly identify and implement the best available solutions. As an innovation intermediary, Pendulum provides a bridge between government and industry.

-- In this intermediary role, Pendulum can employ InnoCentive's model and provide access to the Solution power of InnoCentive's global community of over 145,000 problem Solvers.

-- The partnership allows Pendulum to offer another set of advanced intermediary services to its customers.

-- As part of its Open Innovation Solution, InnoCentive ensures Seekers in the public sector have the security they require every step of the way with comprehensive, well established safeguards for their intellectual property rights.

Company quotes:

Dwayne Spradlin, Chief Executive Officer at InnoCentive

"The Government deserves access to the same sources of breakthrough innovation that have been utilized by the commercial sectors for years. Through our alliance with Pendulum, we are combining access to InnoCentive's Open Innovation Marketplace with a suite of robust, proven implementation services to drive real impact into the public sector."

Sid Saunders, Managing Partner of Pendulum

"We are all aware of the myriad issues affecting government and industry today. In even the best of times, few companies can afford to house enough R&D staff with experts in every discipline. InnoCentive provides a mechanism that expands the range of creative solutions we can provide to our clients and we anticipate exponential growth by leveraging this valuable resource to link the requirements to the solution providers."

About Pendulum

Pendulum Services, a veteran owned small business, is one of The Pendulum Group of companies and serves as an innovation intermediary providing links between industry and government for facilities, equipment, personnel and technology. The Pendulum Group has offices in Rockville, MD; San Antonio, TX; Rock Island, IL; Destin, FL and Charlestown, IN.

For more information on Pendulum: http://www.pendulumsite.com/

About InnoCentive

Founded in 2001, InnoCentive built the first global community for open innovation, enabling scientists, engineers, professionals and entrepreneurs to collaborate to deliver breakthrough solutions for R&D-driven organizations. InnoCentive Seekers, who collectively spend billions of dollars on R&D, submit complex problems to the InnoCentive Open Innovation Marketplace where more than 145,000 engineers, scientists, inventors, business people, and research organizations in more than 175 countries are invited to solve them. Solvers who deliver the most innovative solutions receive financial awards ranging up to US$1,000,000. InnoCentive's Seekers include commercial, government and non-profit organizations such as Eli Lilly and Company, Janssen, Solvay, GlobalGiving and The Rockefeller Foundation.

For more information on InnoCentive: www.innocentive.com.

InnoCentive and InnoCentive Challenge are registered trademarks of InnoCentive, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.

Contact Information

  • For More Information contact:
    Jessica Devaney or Carole Hutchinson for InnoCentive
    Email Contact
    617-431-1020

    Sid Saunders for Pendulum Services LLC
    Email Contact
    210-288-2431