Innovation markets

Agencies may also want to consider investigating or participating in innovation markets to obtain innovative solutions to specific problems. Such markets allow agencies to use their procurement to foster innovative solutions. The InnoCentive site is an example of an attempt to create a competitive market for innovative ideas. Organisations can publish their problems on the InnoCentive website along with a fixed financial reward and get responses from a large community of ‘Solvers’ who may be able to provide a solution. InnoCentive manages the submission process as well as all related intellectual property processes.

The nature of the products or services being sought is much more open-ended than in a conventional procurement process.