# InnoCentive

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/innocentive

- Industry: Internet
- Headquarters: Waltham, US
- Website: www.innocentive.com
- Total disclosed funding: $23M
- Latest round: Series B (Aug 17, 2009)
- Investors on record: 5

## About

InnoCentive, Inc. is a global crowdsourcing platform that connects innovators with organizations seeking solutions to complex challenges across diverse sectors, enhancing research and development through collaborative efforts.InnoCentive, Inc. was founded in 2001 and is headquartered in Waltham, Massachusetts, US. The company operates a crowdsourcing platform that connects individual solvers with corporations, universities, and charities to tackle various challenges. In July 2020, InnoCentive was acquired by Wazoku Ltd. as part of a strategic pivot to enhance its offerings. The company has successfully completed a total of 6 deals, with the latest funding round being a capital raise of USD 7.50 mn, equal to the total amount raised.InnoCentive operates a leading marketplace for science, technology, and innovation, offering a platform that connects individual solvers with corporations, universities, and charities to address various challenges. The primary service is a crowdsourcing platform where innovative ideas and solutions can be submitted in response to specific challenges presented by large organizations. Clients include major corporations and institutions seeking external input to enhance their research and development efforts. The platform serves a global client base, enabling participation from individuals and teams worldwide, thus fostering an inclusive environment for innovation. Key geographical markets for InnoCentive include North America, Europe, and parts of Asia.InnoCentive generates revenue through a transaction model that focuses on challenge-based submissions. Corporations and organizations pay to post challenges on the platform, incentivizing solvers with cash awards for successful solutions, which can range from USD 100 to several thousand dollars depending on the complexity and significance of the challenge. The business structure is primarily B2B, facilitating direct partnerships and transactions between corporations and individual solvers. This model allows InnoCentive to monetize its platform effectively.Looking ahead, InnoCentive plans to enhance its platform with new features aimed at improving user experience and engagement. The company is targeting expansion into emerging markets in Asia and Africa by the end of 2023, seeking to tap into a broader range of innovators and organizations. The recent funding of USD 7.50 mn will support these initiatives, facilitating technological advancements and market penetration efforts, following its acquisition by Wazoku Ltd. in July 2020.

## Funding rounds

- Series B, Aug 17, 2009, $7.3M — Spencer Trask
- Series B, May 1, 2008, $6.5M — Spencer Trask, SAP, Eli Lilly & Company
- Series A, Feb 2, 2006, $9M — Spencer Trask, Lilly Ventures, Omidyar Network

## Investors

- Spencer Trask (https://capitalatlas.ai/funds/spencer-trask) — Series A, Series B
- Lilly Ventures (https://capitalatlas.ai/funds/lilly-ventures) — Series A
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Series A
- SAP — Series B
- Eli Lilly & Company — Series B