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Quantitative Model to Aid Strategy Decisions When Applying Open Innovation

41 Submissions
$30,000 USD
Challenge closed

Challenge overview

The Seeker and InnoCentive desire a new predictive, quantitative economic/financial model that underpins a decision-making framework that R&D-based companies can use to:

  1. Optimize the distribution of its R&D budget between expenditures internally and the use of Open Innovation,
  2. Decide on which specific R&D projects and/or project tasks are most suitable for Open Innovation, and
  3. Assess the costs and benefits of projects using the optimum approach vs. a classical use of primarily internal resources.

The Seeker and InnoCentive will strongly consider further collaboration with winner(s) of this Challenge. 

This Challenge requires only a written proposal.

 

A Fortune 200 Seeker, in collaboration with InnoCentive itself, desires a new predictive, quantitative economic/financial model that R&D-based companies can use within a well-articulated decision-making framework to:

  1. Optimize the distribution of its R&D budget between expenditures internally and the use of Open Innovation,
  2. Decide on which specific R&D projects and/or project tasks are most suitable for Open Innovation, and
  3. Assess the costs and benefits of projects using the optimum approach vs. a classical use of primarily internal resources.

The Seeker and InnoCentive will strongly consider further collaboration with winner(s) of this Challenge. 

This is a Theoretical Challenge that requires only a written proposal to be submitted.  The Challenge award will be contingent upon theoretical evaluation of the proposal by the Seeker and InnoCentive. 

To receive an award, the Solvers will not have to transfer their exclusive IP rights to the Seeker and InnoCentive.  Instead, they will grant to the Seeker and InnoCentive non-exclusive license to practice their solutions.

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