December 14, 2009 10:20 ET

InnoCentive Posts First Challenge in the InnoCentive for Startups Program to Crowdsource New Business Opportunities

Precyse Technologies Inc. Launches Three Stage Open Innovation Challenge to Identify Partners, Develop Solutions and Sell Into Fortune 500 Companies

WALTHAM, MA--(Marketwire - December 14, 2009) - InnoCentive, Inc., the world leader in open innovation, today announced its first Challenge with the InnoCentive for Startups program announced earlier this year. Precyse Technologies is leveraging InnoCentive for Startups' crowdsourcing capabilities in a multi-stage Challenge to identify partners, develop targeted solutions, and secure engagements with SAP-enabled Fortune 500 companies. Each stage has an assigned award value between $5,000 and $10,000.

"We posted this challenge in order to identify exciting new Precyse solutions integrating SAP as the backbone architecture as well as to win proof-of-concept accounts for those proposed solutions," said John Stopper, president and CEO of Precyse Technologies, Inc. "As a member of the SAP Developers Network, we believe there is synergy for our solutions in ERP, supply chain, and asset management applications, but the potential is much broader."

In stage one, each Solver (potential partner) is requested to do the following:

-- Submit a high-level system design for a joint customer solution

-- Articulate a win-win proposition for prospective customers

-- Discuss and size the potential market opportunity

-- Provide supporting data and assumptions

In stages two and three, Solvers will be asked to develop proof-of-concept implementations and to participate in solution presentation and deal closing with customers.

"Following a successful R&D Challenge, Precyse decided to use InnoCentive's new offering for business development opening new frontiers that would have been difficult to reach without substantial investment," added Stopper.

"Startup companies are often constrained by limited resources and struggle to quickly and affordably identify new market opportunities and talent," said Dwayne Spradlin, CEO of InnoCentive. "Emerging growth companies now have a competitive advantage in solving business and technical problems through InnoCentive's new business model."

With InnoCentive for Startups, private companies with annual revenues below $50 million can purchase Challenges with tailored services for startups, 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.

About Precyse Technologies, Inc.

Precyse (www.precysetech.com) brings to market a new breed of wireless asset communication technology that bridges the gap between end-users, IT systems and the assets that make up global supply chains. Following two product generations developed with RFID and sensor network technologies, Precyse today offers a next generation intelligent Asset Network platform, taking the next step in 'always on' communications, with the promise to build a world of networked and interconnected made-smart devices. Everything from engine parts to appliances to cars may be in communications range, heralding the dawn of a new era; one in which today's Internet (of data and people) gives way to tomorrow's Internet of Things.

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 185,000 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. http://www.innocentive.com/