InnoCentive Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

InnoCentive Case Solution

InnoCentive’s Core Innovation:

InnoCentive’s core innovation is that it has created a marketplace that links seeker (companies) facing technical problems with external solvers who present solutions. Companies contract with InnoCentive as a seeker to present R&D challenges and problems faced by them. Afterwards,the solvers such as scientists review those challenges and problems and then submit solutions online. The seekers provide reward with a cash prize in exchange of the intellectual property rights to the solver when they provide solutions to the seeker firms. It could be said that InnoCentive had created a unique problem-solving platform for the multinational companies.

Although it is believed that the problem which was intractable by a seeker firm was, thus, presented to a crowd of people with a wide range of expertise and skills which could not even imagine solving by the firm.

Secondly, the seekers had shifted their perception from that of having a challenge and problems to that of evaluation and examining solutions to it. Finally, the method of expressing a problem provided criteria by which the proposed solutions were to be judged. Afterwards, the solutions that seem to best and met the criteria were entitled to be rewarded.

Customers of InnoCentive:

The primary customers and beneficiaries of IC were multinational firms that posed R&D challenges. InnoCentive’s seekersare dynamic, innovation-driven companies, nonprofit organizations, and government agencies with strong business and R&D problems that need solutions and a better understanding of their proposed challenge. IC seekers influence the methodologies, tools and experts services to identify the needs and ideas and post these challenges to distinct and creative problem solvers with the aim of rapid solving OF the problem. The customers of the IC have benefited from getting the best possible R&D solutions of their proposed challenge in a very innovative manner.

Q 2) Strengths of InnoCentive:

The main strength of InnoCentive is that the barriers to market entry in this segment arevery high therefore, the degree of competition is low. The firm has an ultimate advantage to target its customers and without having a pressure of extensive competition. In addition, InnoCentive is non-software organization, which doesn’t involve any technological complexity therefore, it benefits from the high labor cost...............

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