BASF, the world's leading chemical company, has joined InnoCentive's online scientific network. InnoCentive is the first web-based scientific community created specifically to foster scientific innovation by enabling global corporations, known as "Seekers", to confidentially find solutions to difficult research and development (R&D) challenges. BASF delivers more than 8,000 different products to customers in more than 170 countries.
"Since its founding, BASF has remained fully committed to innovation and fostering scientific advancements in research and development, and joining InnoCentive's online forum further underscores this commitment," said Dr. Dieter Distler, senior vice president for research at BASF. "Once again, BASF is leading the charge in the European chemical industry as we are among the first companies in Europe to leverage the Internet to access scientific talent from around the world."
InnoCentive acts as an unbiased knowledge broker between major global companies and the worldwide scientific community, enabling them to collaborate and solve difficult R&D problems. Global companies such as BASF are able to confidentially post their tough R&D problems on the InnoCentive web site, www.innocentive.com, for more than 22,000 leading scientists and researchers in 125 countries to consider and submit solutions. After a careful review by both InnoCentive and the Seeker company, awards are issued by InnoCentive for only the best solutions that meet the Seeker's requirements. Award amounts range from USD $5,000 to $100,000. In exchange, intellectual property rights are transferred from the solving scientist to the anonymous, solution-seeking company.
"Like InnoCentive, BASF is a global company that recognizes the importance of innovation in furthering scientific R&D initiatives," said Darren J. Carroll, chief executive officer of InnoCentive. "By acting as an unbiased knowledge broker between BASF and a global community of expert scientists, we are connecting BASF to scientists around the globe who are uniquely prepared to solve the company's scientific problems."
"We are pleased to welcome BASF into the InnoCentive community as the latest Seeker company looking to enhance R&D initiatives," said Dr. Alpheus Bingham, chairman of InnoCentive. "As a recognized leader in the chemical industry, BASF's decision to join InnoCentive reinforces InnoCentive's mission to help global corporations solve difficult R&D challenges more efficiently."