History
The idea for InnoCentive came to Alpheus Bingham and Aaron Schacht in 1998 while they worked together at Eli Lilly and Company during a session that was focused on exploring application of the Internet to business. The company was launched in 2001 by Jill Panetta, Jeff Hensley, Darren Carroll and Alpheus Bingham, with majority seed funding from Eli Lilly and Company. Darren Carroll led the launch effort and became the first CEO.
In 2005, InnoCentive was spun out of Eli Lilly with investments led by Spencer Trask of New York. In December 2006, shortly after current president and CEO Dwayne Spradlin took the helm, the company signed an agreement with the Rockefeller Foundation to add a nonprofit area designed to generate science and technology solutions to pressing problems in the developing world.
In 2006, Prize4Life partnered with InnoCentive to launch the $1 million ALS Biomarker Prize, which was a Grand Challenge designed to find a biomarker to measure the progression of ALS – also known as Lou Gehrig’s disease – in patients. In February 2011, the $1 million prize was awarded to Dr. Seward Rutkove for his creation and validation of a clinically viable biomarker. In early 2011, InnoCentive launched four more Grand Challenges on behalf of Life Technologies.
In February 2012, InnoCentive acquired UK-based OmniCompete, Europe's leading open innovation & competition start-up.
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