Strategy and Open Innovation: Make $30k and Change the World

I was just thumbing through various Innocentive projects (readers are probably familiar with their open innovation/crowdsourcing model).  Here’s a project that is extremely relevant to strategy “Quantitative Model to Aid Strategy Decisions When Applying Open Innovation.”  I’m quite eager to see the types of solutions people come up with.  Details about the project below (or, just click the link above). 

Quantitative Model to Aid Strategy Decisions When Applying Open Innovation

TAGS:

Nature, Business/Entrepreneurship, Popular Science, Engineering/Design, Computer Science/Information Technology, Math/Statistics, The Economist, Theoretical-licensing

AWARD: $30,000 USD  |  DEADLINE: 12/29/11  |  ACTIVE SOLVERS: 243  |  POSTED: 9/29/11

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.

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Challenge Overview

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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