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Innocentive is a market place structured by a web company which enables companies searching for R&D solutions to reach an extensive number of unknown professionals worldwide which may help to find effective answers to questions.Innocentive, a fusion of the words innovation and incentive take place for people to bring out to the world their innovative solutions for what initially seemed to be impossible to be solved through traditional methods of R&D.Who needs a solution for any sort of problem (from chemistry to business & entrepreneurship, from physical sciences to engineering & designs), the seeker TM, as so called by innocentive post it on innocentive website & offer a prize for who else. The solvers TM believe can come up with effective answers for the puzzle.

This new concept of relationship between companies & individuals is known as open innovation. It means: “in a world of widely distributed knowledge, companies cannot afford to rely entirely on their own research, but should instead buy or license processes or inventions from other companies. In addition, Internal inventions not being used in a firm’s business should be taken outside the company”.

Creating & capturing value ahead of the competition.Reduce the risk of innovation.Less risk guessing what the markets wants.Let the market/community tell you what they want.Integrated community innovation.Innovation can come from anywhere and anyone.Some of the best ideas are outside of your organization.Lower your R&D and operating costs.Supplement your R&D.Tap into the virtual R&D community.Shared IP can create a formidable barrier to entry.

A board world of opportunities is open to inventive minds.As a sort of Ebay of ideas, open innovation adheres to the laws of globalization. New technology start-ups companies have making use of open innovation business model involving internet as part of their core strategy to come to the market. Many companies has adopts the crowdsourcing.

To open innovations innocentive use intelligence social media marketing methods:Twitter : get short, timely messages from innocentive. Twitter is a rich source of instantly updated information. It’s easy to stay updated on an incredibly wide variety of topics. Join and follow@ innocentive.Facebook: innocentive open innovation network is on facebook. Sign up for facebook to connect with innocentive open innovation network.Innocentive blog: share opinion and read about innovation trends.

The public may be invited to develop a new technology, carry out a design task, analyze large amounts of data, which is what innocentive provides through its created web platform. Additional social media innocentive should use are:AppleGoogleAmazonZimbraMeeboSkypeSalesforce.comEli lilyP&G(Procter & gamble)BASFDuPontDown chemicalGeneral millsKimberly-ClarkGSK (glaxo smith Kline)You tubeslideshare

Clearly some of these new initiatives reflect the commercial viability of open innovation and business models. Earlier most open source projects had no commercial intent. Also is interest to remark that a handful of companies like Google, Amazon, and salesforce.com found it strategically advantageous to use free open source software for their own infrastructure . Now the perception of the need of being more “open to innovations” lead companies to thrown away old believes regarding creating its own IP as it is not a determinant or a pre-requisite for success.Beyond regular high tech companies, which in its desperate search for new discoveries spend millions of dollars to keep up-to-date with market demands and ahead of its competitors fast movements, many sort of companies which is in the fast-paced industries can take advantage of the open innovation source of solutions.A great market for open innovations on the marketing sector. Marketing companies might post challenges to outsourcing inventive people to find solutions to every task of its own work, like products and logo designs, digital graphics solutions and many others.