INDIANAPOLIS--(BW HealthWire via COLLEGIATE PRESSWIRE)--Aug 27, 2001--Just six weeks after launching www.innocentive.com, InnoCentive LLC, the online enterprise that is redefining the business of scientific research and development, has announced its first three awards for solutions to scientific challenges. Through its website, innovation-driven companies can post scientific problems that are made available to a global community of scientists and researchers. By using the power of the Internet and cash incentives, InnoCentive matches unique problems with qualified problem solvers and accelerates scientific innovation for solution-seeking companies.
''These awards validate InnoCentive`s creative approach to the business of R&D;, and takes a giant step toward proving the business model,'' said Darren Carroll, InnoCentive CEO. ''It establishes the credibility of our problem-solver community and demonstrates clear value to the solution-seeking companies.''
The InnoCentive scientific community is targeted toward solving problems in chemistry, specifically organic chemistry. In the coming months, InnoCentive will establish communities in other branches of chemistry and additional scientific disciplines. The current awards range from $2,000 to $100,000, depending on the complexity of the problem. The total amount of awards on the website today surpasses $1.5 million.
The winners won $2,000 for each submission to `paper` chemistry challenges posted by pharmaceutical industry leader Eli Lilly and Company. Paper entries do not require the submission of an actual sample for validation, unlike ''wet'' chemistry problems. A U.S. graduate student won $4,000 for providing solutions to two separate challenges. A European graduate student won $2,000 for solving another InnoCentive challenge.
Since its launch, InnoCentive already has over 1200 registered users who have opened over 600 project rooms, where scientists are working on solving the various inventory of problems. To date, InnoCentive has received a number of solutions, but this is its first payout. Most problems, especially the ''wet'' chemistry challenges that require sample validation and provide larger payouts, have later deadlines for submitting proposed solutions.
''Lilly awarded these solutions early because of their novel and outstanding approaches,'' said Alpheus Bingham, Ph.D., vice president of e.R&D;, e.Lilly and chairman of InnoCentive. ''The solutions are elegant, and represent clever and viable approaches to the challenges presented.''
About InnoCentive
InnoCentive LLC is revolutionizing the business of scientific research and development, facilitating `minds over matter.` Located in Indianapolis, InnoCentive is building a global, incentive-based solution network where a community of innovative scientists finds and solves challenging problems. With InnoCentive, leading science-based companies are expanding their R&D; capacity by posting scientific challenges that need to be solved and connecting with talented scientists worldwide for the most innovative solution. InnoCentive is
an e-business venture of Eli Lilly and Company, a leading innovation-driven pharmaceutical company. For more information, visit the InnoCentive website at www.innocentive.com.
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