Waltham, MA – InnoCentive, Inc., the global leader in open innovation, crowdsourcing, and prize competitions, today announced significant milestones achieved in the first quarter of 2013. The company experienced significant growth across a number of dimensions, including customers, regions, industry sectors, and products, and is poised for continued growth and expansion throughout 2013.
InnoCentive closed the first quarter of 2013 with impressive year-over-year and sequential bookings growth of 89 percent and 50 percent, respectively. All regions showed significant year-over-year bookings growth, with exceptional triple-digit growth achieved in InnoCentive EMEA (Europe, the Middle East, and Africa). All product lines, including InnoCentive@Work, Premium Challenges, and Custom Challenge Programs, also experienced substantial growth, and the company achieved 60 percent growth in new customers.
Ellen Rotenberg, senior manager of product innovation at Thomson Reuters and an InnoCentive client, said, “First-hand interaction with our customers is paramount to delivering innovative solutions that enable them to achieve amazing results. Participating in crowd-driven innovation, and posting Challenges on InnoCentive, is a natural evolution and a critical part of our community engagement and product development process.”
Nearly 75 percent of the hundreds of public Challenges that closed in the past year paid out a cash award to Solvers, up significantly over prior years and indicative of clients’ increased adoption, usage, and success with InnoCentive’s unique Challenge Driven Innovation methodology. To date, InnoCentive has posted more than $40 million in cash awards. As a consequence of this momentum and to satisfy increasing client demand, InnoCentive continues to expand and invest in all areas of its business, including client services and delivery, product development, sales, marketing, alliances, and finance.
“I continue to be very pleased with the growth and momentum in our business, and all of the hard work that the InnoCentive team puts into ensuring that our clients are successful,” said Craig Jones, Executive Chairman of InnoCentive. “In fact, while our first quarter clearly demonstrated our strong performance across a number of important dimensions, it is our deeply committed focus on helping our clients to achieve meaningful innovation outcomes that will allow us to continue to aggressively expand our business and satisfy increasing client demand for our products and services moving forward.”
In the past year, InnoCentive added nearly 80 new customers across a wide variety of industry sectors, including GlaxoSmithKline, Johns Hopkins, Lumina Foundation, MIT Lincoln Laboratory, Thomson Reuters, U.S. Department of Homeland Security, and U.S. Department of Health & Human Services. Additionally, InnoCentive developed new strategic partnerships with AARP Foundation and Scientific American. InnoCentive also expanded its presence in several industry sectors, including aerospace and defense, banking and finance, chemicals and agri-sciences, consumer goods, education, energy and utilities, food and beverage, healthcare, high technology, life sciences, manufacturing, non-profits, and public sector/government.
First quarter 2013 highlights include:
- The launch of the Lumina Foundation Open Innovation Pavilion along with several Challenges focused on exploring novel approaches to increase postsecondary degree attainment in America. Additional information about the Foundation’s efforts can be found here.
- The announcement by the United Kingdom’s Rail Safety and Standards Board (RSSB) Enabling Innovation Team (EIT) of its upcoming £1 million competition to identify opportunities for innovation in service culture, business process, journey planning, the whole journey experience, and design of facilities. Said David Clarke, director of EIT, “The rail industry constantly strives to improve the customer experience, but there is always scope to do more. We want to use this competition to showcase successful ideas and approaches from other customer service sectors and create the environment where the best of these ideas can be brought into the rail industry.”
- The launch of the Scientific American Open Innovation Pavilion, jointly hosted on both InnoCentive.com and ScientificAmerican.com. This partnership extends the reach of InnoCentive Premium Challenges to Scientific American’s audience of more than four million unique monthly website visitors, and marks the growth of InnoCentive’s long-standing collaboration with Nature Publishing Group (NPG), Scientific American’s parent organization.
- The successful conclusion of two AARP Foundation Challenges aimed at improving the lives of older Americans. Three Solvers were awarded a total of $25,000 for their winning submissions, and overall the two Challenges attracted more than 1,000 Solvers who submitted a total of 179 solutions.
- The launch of a $1 million “Big Data” Prodigy Challenge that seeks to identify organisms from a stream of DNA sequences. More than 2,000 Solvers have signed up to participate in this Challenge, which runs through the end of May 2013.
- InnoCentive became a member of a consortium in the multi-year Robot Competitions Kick Innovation in Cognitive Systems and Robotics (RoCKIn) project, funded by the European Commission and designed to spur innovation in robotics through competitions.
- Dozens of new Challenges were posted by organizations such as Air Force Research Labs, Consumer Electronics Association, Lumina Foundation, Oil Sands Leadership Initiative, Thomson Reuters, and USAID/Humanity United (through NASA’s Center of Excellence for Collaborative Innovation, also known as CoECI).
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 several government agencies in the U.S. and Europe 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 email@example.com, or call 1-855-CROWDNOW (U.S.) or +44 (0) 207 224 0110 (International).
Schwartz MSL for InnoCentive