June 21, 2010
InnoCentive, Inc., the open innovation experts, today announced a strategic investment and development agreement with In-Q-Tel (IQT), the independent, strategic investment firm that identifies innovative technology solutions to support the missions of the U.S. Intelligence Community. This strategic partnership will enable InnoCentive to deliver methodology and services in support of the U.S. Intelligence Community.
InnoCentive@Work is an internal, Web-based community for problem solving, customized and hosted by InnoCentive for its client organizations. InnoCentive@Work enables companies to tap into their employee knowledge base, bridging silos between departments and making it easier to identify and recognize innovative contributors. Employees are able to post challenges to the internal company site, allowing coworkers to view and collaborate on each other’s proposed solutions.
“Collaboration and information sharing are essential elements of the Intelligence Community’s work flow,” said William Strecker, Executive Vice President of Architecture & Engineering and CTO at IQT. “By partnering with InnoCentive, IQT will be able to continue supporting our partner agencies as they collaborate internally and with each other, sharing ideas and developing innovative solutions to challenging problems.”
“IQT has a proven history of working with its portfolio companies to identify solutions that can have an impact for the Intelligence Community and U.S. national security,” said Dwayne Spradlin, CEO of InnoCentive. “We are pleased to be working with IQT in this regard.”
The specific terms of the strategic investment and development agreement are not disclosed.
About InnoCentive, Inc.
Since 2001, InnoCentive has helped corporate, government, and non-profit organizations to better innovate through crowdsourcing, strategic consulting services and internal Software-as-a-Service offerings. The company built the first global Web community for open innovation where organizations or “Seekers” submit complex problems or “Challenges” for resolution to a “Solver” community of more than 200,000 engineers, scientists, inventors, business professionals, and research organizations in more than 200 countries. Committed to unleashing diverse thinking, InnoCentive continues to introduce new products and services exemplifying a new corporate model where return to investors and individual passion go hand in hand with solving mankind’s most pressing problems. For more information, visit www.innocentive.com.