This morning we announced a new offering - the InnoCentive Time Critical Challenge. The Time Critical Challenge was developed as a response to Seekers who needed immediate solutions, and compresses the Challenge cycle - from time to develop and post, running time of the Challenge, solution evaluation and IP transfer, to about 30 days. Seekers have the option to review solutions as they come in, rather than waiting for the deadline. If they find a Challenge that satisfies their needs, they can start implementation much faster.
What does this mean for Solvers? Since Seekers are able to select a solution as soon as they find one that meets their needs, Solvers receive faster feedback on their solutions and are awarded prizes more quickly. In a quote from CEO Dwayne Spradlin:
“Time Critical Challenges introduce an exciting new dimension to prize-based innovation. For some Challenges, solutions just can’t wait. Time Critical Challenges offer the opportunity for Solvers to win premium awards over and above the base Challenge award amount for a solution submitted early– effectively creating a ‘race to the answer.’ This new incentive structure allows Solvers to be rewarded for both speed and accuracy in addressing our Seekers’ most urgent problems.”
We believe that these Challenges will benefit both Seekers and Solvers - look for them soon in a discipline near you!