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Challenge Establishing a Business Value for Data
Establishing a Business Value for Data
STATUS: Awarded
Active Solvers: 381
Posted: Dec 12 2013
Challenge ID: 9933411
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The Seeker desires a methodology for quantifying the value of different types of business data in order to inform large scale investment decisions concerning improving data infrastructure, supply chain and management.

This is an Ideation Challenge with a guaranteed award for at least one submitted solution.

Submissions to this Challenge must be received by 11:59 PM (US Eastern Time) on 13-Jan-2014.  Late submissions will not be considered.


All modern businesses have an overwhelming quantity of data of various types and for various uses, but associated with this are costs for collecting, managing, and storing the data.  The Seeker would like a methodology for assigning value to various types of data in order to justify the expenses associated with such data.  There is an understanding of previous research work such as by Moody and Walsh but the Seeker would like different viewpoints on the subject, although practical implementations of such research are acceptable.

This is an Ideation Challenge, which has the following unique features:

  • There is a guaranteed award.  The awards will be paid to the best submission(s) as solely determined by the Seeker. The total payout will be $10,000, with at least one award being no smaller than $5,000 and no award being smaller than $1,000.
  • The Solvers are not required to transfer exclusive intellectual property rights to the Seeker.  Rather, by submitting a proposal, the Solvers grants to the Seeker a royalty-free, perpetual, and non-exclusive license to use any information included in this proposal.

After the Challenge deadline, the Seeker will complete the review process and make a decision with regards to the Winning Solution(s). All Solvers that submitted a proposal will be notified on the status of their submissions; however, no detailed evaluation of individual submissions will be provided.

What is InnoCentive?
InnoCentive is the global innovation marketplace where creative minds solve some of the world's most important problems for cash awards up to $1 million. Commercial, governmental and humanitarian organizations engage with InnoCentive to solve problems that can impact humankind in areas ranging from the environment to medical advancements.

What is an InnoCentive Ideation™ Challenge?

An InnoCentive Ideation™ Challenge is a broad question formulated to obtain access to new ideas, similar to a global brainstorm for producing a breakthrough idea or market survey which may include ideas for a new product line, a new commercial application for a current product, or even a viral marketing idea to recruit new customers. Ideation™ Challenge submissions are typically about two written pages, and Seekers receive a non-exclusive, perpetual license to use all submissions.

In an Ideation™ Challenge, Solvers may:

  • Submit ideas of their own
  • Submit third party information that they have the right to use and further the authority to convey that right and the right to use and develop derivative works to Seekers
  • Submit information considered in the public domain without any limitations on use

Solvers should not reveal any confidential information in their submissions. Often the Ideation™ Challenge will be followed by one or more of the other three Challenge types to further develop the ideas and gain Intellectual Property protection when the concept has been well-defined.

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