InnoCentive, Inc.

October 13, 2009 08:57 ET

InnoCentive Expands Support for Startup Businesses With New Offering

InnoCentive for Startups Makes Breakthrough Innovation Accessible and Affordable for Emerging Growth Companies

WALTHAM, MA--(Marketwire - October 13, 2009) - InnoCentive, Inc., the world leader in open innovation, today announced the availability of a new tailored open innovation solution for companies in the startup phase of development: InnoCentive for Startups. Startup companies are often constrained by limited resources and struggle to quickly and affordably identify new market opportunities, solve business and technical problems, and access partners and talent. With InnoCentive for Startups, private companies with annual revenues below $50M can purchase Challenges at a special price, leveling the playing field with large, established corporations boasting extensive in-house staff in marketing, R&D, and business development. In addition, independent and corporate venture capitalists, angel investors, and investment firms with startups in their portfolios can purchase packages of Challenges and ONRAMP training for their clients, improving access to breakthrough innovation and de-risking their portfolios.

The roll-out of InnoCentive for Startups will be led by InnoCentive board members Amiel Kornel and Stephen McGrath, who have extensive experience working with startups and investors to solve innovation challenges. InnoCentive for Startups gives emerging growth companies access to 180,000 creative minds around the world via InnoCentive's rapidly growing Global Solver Network, while improving the efficiency with which they deploy investors' funds.

"The power of open innovation is not just for large, global companies," said Dwayne Spradlin, CEO of InnoCentive. "Small, high-potential startups with limited means can now compete with industry leaders, because they too can afford to have the world's best minds working on their problems."

John Stopper, president and CEO of Precyse Technologies Inc., said, "we are delighted to be the first startup company to take advantage of this exciting new solution and we are confident that it will significantly accelerate our technical and commercial success."

About InnoCentive, Inc.

Since 2001, InnoCentive has helped corporate, government, and non-profit organizations to better innovate through crowdsourcing, strategic consulting services and internal Software-as-a-Service offerings. The company built the first global Web community for open innovation where organizations or "Seekers" submit complex problems or "Challenges" for resolution to a "Solver" community of more than 180,000 engineers, scientists, inventors, business professionals, and research organizations in more than 175 countries. Prizes for winning solutions are financial awards up to US $1,000,000. Committed to unleashing diverse thinking, InnoCentive continues to introduce new products and services exemplifying a new corporate model where return to investors and individual passion go hand in hand with solving mankind's most pressing problems.

Contact Information

  • Press contact:
    Connie French
    InnoCentive Marketing Director
    Email Contact