SOURCE: InnoCentive

October 21, 2008 15:05 ET

InnoCentive® Partners With Paradigm™ to Address Challenge of Producing Affordable Energy

Agreement Brings Open Innovation to Exploration and Production Technology in $4T Energy Industry

WALTHAM, MA--(Marketwire - October 21, 2008) - InnoCentive, Inc., the global innovation marketplace, and Paradigm™, the leading provider of enterprise software solutions to the global oil and natural gas exploration and production (E&P) industry, today announced that they have aligned forces to encourage open innovation technologies within the energy industry. With this agreement, InnoCentive expands its reach into a new science -- subsurface modeling through geophysics, geology, petrophysics and engineering.

News Highlights

-- InnoCentive's online network will support the creation of technology-driven efficiencies in the energy industry, a $4 trillion industry according to DataMonitor.

-- Paradigm's subsurface asset management software enables oil and gas companies to locate new oil and natural gas reservoirs, optimize production from new and existing reservoirs, and create dynamic digital models of the Earth's subsurface.

-- Through this partnership, Paradigm will further extend its history of open innovation by reaching InnoCentive's online network of 160,000-plus Solvers worldwide.

-- InnoCentive's global web community of Solvers will enable Paradigm to accelerate technology development in the oil and gas industry so that business and engineering decision-makers can explore with more confidence, minimize risk, and optimize management of the Earth's precious subsurface assets.

-- In the first Challenge, Paradigm will be seeking an optimum software licensing and pricing model that balances customer satisfaction, high performance computing growth, and revenue generation.

-- The agreement marks InnoCentive's further entrance into this market and will allow other companies who provide technologies to the oil and gas industry to seek open innovation and post Challenges on the Web site.

-- This is the second company which InnoCentive has worked with in the oil industry. The Oil Spill Recovery Institute (OSRI) posted a Challenge requesting a solution that would help with the 1989 Exxon Valdez clean-up. This was solved last November.

-- OSRI has posted three additional Challenges on InnoCentive's site, which have recently closed, seeking Inclement Weather Oil Detection, Novel Boom System Design and De-icing of Oil Skimmers at Sub-freezing Conditions.

Executive Quotes

John Gibson, Chief Executive Officer, Paradigm

"Paradigm has always asked a broader community to partner and create the best solutions. As a leader of innovation, our people are driven to deliver to customers continual breakthroughs based on the advancement of science. Working with InnoCentive, Paradigm is taking this unique approach to drive new breakthroughs and accelerate innovation. We believe open innovation can serve the industry beyond organic incremental software feature development common at traditional software companies."

Dwayne Spradlin, Chief Executive Officer, InnoCentive, Inc.

"As the world searches for more affordable energy sources, Paradigm is well positioned as a technology leader in the E&P industry. InnoCentive is thrilled to partner with Paradigm by bringing more than 160,000 creative minds to the process of driving down oil and natural acquisition costs for the industry, which will hopefully result in lower consumer energy prices as well."

About Paradigm™

Paradigm B.V. (www.pdgm.com) is an industry leader in digital subsurface asset management, serving oil and gas companies worldwide. Paradigm technology solutions for seismic processing and imaging, interpretation and modeling, reservoir characterization and petrophysics, and well planning and drilling operate in an open environment to accelerate results. Paradigm has a global network of sales, consulting and support.

The following are trademarks or registered trademarks of Paradigm B.V. or of its affiliates (collectively, "Paradigm"): Paradigm™, Paradigm logo and/or other Paradigm products referenced herein. All other trademarks are owned by their respective owners. Please read Paradigm's notice on forward-looking statements at http://www.pdgm.com/legal.aspx#forward-looking-statements.

About InnoCentive

Founded in 2001, InnoCentive built the first global web 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 Marketplace where more than 160,000 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 Procter & Gamble, Pendulum, Eli Lilly and Company, Janssen, Solvay, GlobalGiving and The Rockefeller Foundation. For more information on InnoCentive, go to: 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:
    InnoCentive, Inc.
    Connie French
    Enterprise Marketing Manager
    978-482-3300
    Email Contact