The InnoCentive Insider: Surprising but True
In today’s InnoCentive Insider, Peter Lohse talks about the curious fact that many Challenges are awarded to Solvers with expertise outside of the Challenge field.
It has been more than six years since I joined InnoCentive and I continue to be fascinated by the business model and the success we have with delivering solutions to our Clients. Our success rate overall was around 30% at the end of 2005 and is now quickly approaching the 50% mark (on average, for Theoretical and RTP Challenges). We do not have an empirical basis yet for comparing this outcome with the effectiveness of internally focused solution efforts. However, considering that many of the Seekers had been unsuccessful in finding a solution to these problems on their own, I would say the solution rate is quite spectacular.
Much of the praise for this success goes to our Solvers. They are the brains, experimenters and composers behind the winning proposals. The Client Services Team at InnoCentive is in the privileged position to be a first hand witness to our Solvers’ tremendous creativity. Each of us has seen hundreds of successful submissions, hence we have a pretty good understanding of how a proposal should be formulated to have the potential for winning an award. These learnings are available to all of our Solvers through the InnoCentive newsletter or through this Blog. For example recent postings from my colleagues Lisa Reinhold, Eugene Ivanov and Michael Albarelli provide valuable insights in this regard. While we believe that Solvers who follow these guidelines will submit proposals which are more likely to be successful, we recognize that factors other than the form of a Solver submission will have an influence on winning an award. It’s some these other factors that I would like to discuss. (more…)


