The Business Model of InnoCentive

As of April 24, 2023

<p>InnoCentive is a global open innovation and crowdsourcing corporation headquartered in Waltham, Massachusetts, with an EMEA headquarter in London, United Kingdom. They enable organizations to address unsolved problems and unmet needs by posing them as 'Challenges' to the crowd. The crowd can be external (i.e., their network of over 380,000 issue solvers) or internal (i.e., an organization's workers, partners, or customers) in the case of InnoCentive. Awards, which are often monetary in nature, are provided for contributions that match the Challenge's conditions. The average prize for a Challenge is $20,000, although several exceed $100,000. InnoCentive has conducted over 2,000 external Challenges and over 1,000 internal Challenges to date, giving over $20 million in prize money.</p>

2001

Founded

125

Employees

Waltham, MA

Headquarter

Hard Facts

Business Model Canvas

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Business Model Patterns

The business model patterns of InnoCentive help to understand the mechanics behind the business model. Furthermore you can learn more about the specific business model pattern by clicking learn more.

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What makes InnoCentive special?

This section is all about the secret sauce of the business model of InnoCentive. If there is any incredible information about the founding team (like how they started the business, etc.) you can learn from you can find it here!