Waltham, Mass. – February 15, 2013 – InnoCentive, Inc., the global leader in open innovation, crowdsourcing, and prize competitions, today announced that Craig Jones, InnoCentive’s current Chairman of the Board, will become Executive Chairman while Dwayne Spradlin resigns as CEO to head up the Health Data Consortium, a major nonprofit private/public initiative supported by The Robert Wood Johnson Foundation, U.S. Department of Health and Human Services, and other major players in healthcare. Alph Bingham, InnoCentive co-founder and member of the Board, will increase his active leadership role in the company, and Dwayne Spradlin will join InnoCentive’s Strategic Advisory Board, which includes industry luminaries such as Henry Chesbrough of the Haas School of Business at University of California Berkeley and Thomas W. Malone of the Sloan School of Management at MIT.
Mr. Jones is a 28-year veteran of the venture capital and private equity industry who has invested extensively in over 50 innovative companies, including those in the healthcare IT, healthcare services, SaaS, and internet sectors. He has been an investor in InnoCentive for five years, and is the founding Managing Partner of Ticonderoga Capital where he has overseen investments of over $300 million. Previously, he was a Managing Director at Dillon, Read & Co. and head of its venture capital partnership, a Vice President at Advent International, an associate at Centennial Ventures, and a consultant with Bain & Co. Mr. Jones is a graduate Magna Cum Laude of Harvard Law School.
“I have been Chairman of the Board for almost a year now, and I’m very pleased with the growth in our business and expect 2013 to be a year of aggressive expansion in the corporate, government, and non-profit sectors,” said Craig Jones, Executive Chairman of InnoCentive. “Given my intimacy with the business, becoming Executive Chairman is an easy transition for the management team and me. We have an extraordinarily talented and tenured senior management team who continue to manage the business well. We are very much looking forward to the opportunities that lie ahead, and I’d like to add how proud we are of Dwayne on his new position and his call to duty to help our country with key healthcare data initiatives.”
“InnoCentive has proven to the world the power of crowdsourcing in delivering breakthroughs in areas ranging from crop science and drug research to new product ideas and policy development,” said Dwayne Spradlin. “While my attention moves to supporting this exciting initiative in healthcare, I will continue to be inspired as InnoCentive, its team, and hundreds of thousands of brilliant problem solvers from around the world continue to deliver remarkable ideas and innovations each and every day.”
InnoCentive is the global leader in crowdsourcing innovation problems to the world’s smartest people who compete to provide ideas and solutions to important business, social, policy, scientific, and technical challenges. Our global network of millions of problem solvers, proven challenge methodology, and cloud-based technology combine to help our clients transform their economics of innovation through rapid solution delivery and the development of sustainable open innovation programs. For more than a decade, leading organizations such as AARP Foundation, Air Force Research Labs, Booz Allen Hamilton, Cleveland Clinic, Eli Lilly & Company, EMC Corporation, NASA, Nature Publishing Group, Procter & Gamble, Scientific American, Syngenta, The Economist, Thomson Reuters, and the U.S. EPA have partnered with InnoCentive to rapidly generate innovative new ideas and solve problems faster, more cost effectively, and with less risk than ever before. For more information, visit www.innocentive.com, email firstname.lastname@example.org, or call 1-855-CROWDNOW (U.S.) or +44 (0) 207 935 0827 (International).
Schwartz MSL for InnoCentive