InnoCentive, Inc. announced that it has entered a landmark agreement with Opportunia Enterprises, with the backing of the Council of Scientific and Industrial Research (CSIR), one of the largest research organization in the world.

This agreement will offer all scientists within CSIR the ability to work on InnoCentive scientific challenges and raises the potential for this talented group of Indian scientists to achieve international recognition and financial rewards. Furthermore, InnoCentive announced the first wet chemistry solution award paid to a solver from India. The solution was for a demanding $75,000 synthetic organic chemistry challenge.

CSIR is a founding partner of Opportunia, a consortium consisting of Ernst & Young India, NASDAQ India and other major national and international service providers that support the entrepreneurial, investor and corporate community. Through InnoCentive, the CSIR scientific community will be able to work on challenges in chemistry and biology from leading global corporations. This opportunity will be available to all scientists and staff within CSIR, which currently is in excess of 5,000 highly educated, well-trained scientists working in more than 40 laboratories throughout India.

The agreement was endorsed by Dr. R. A. Mashelkar, director general of CSIR. "InnoCentive offers an attractive opportunity for Indian scientists to solve scientific challenges from world-class companies and to be recognized for their expertise. The Indian scientific mind, due to its exceptional quality, has already shown its ability in software. Here is a real opportunity for Indian scientists now to compete with the best minds in the world and emerge as the best solution provider," said Mashelkar.

Lakshmi V. Venkatesan, chief executive officer of Opportunia adds, "Through InnoCentive, Indian techno-entrepreneurs can provide services and solutions to cutting-edge global companies, thereby proving that innovation can extend across boundaries. This will definitely give a boost to fast-track technology enterprises in India."

"The landmark agreement with Opportunia/CSIR will accelerate our efforts to recruit solvers from around the world to provide quick, innovative solutions to challenges posted by our seeker clients," said Darren Carroll, chief executive officer of InnoCentive. "InnoCentive is excited to be working with Opportunia/CSIR and helping them to maximize the economic, environmental and societal benefits to the people of India through research and development."

InnoCentive has announced its first award, and the highest payout to date, to a solver from India. The wet chemistry solution submitted was for 7-Formyl-Indole Synthesis (Challenge # 40742). The $75,000 award was paid to a research laboratory located in the Navi Mumbai region of India, recognized to have a strong scientific community. The award amount is approximately three to five times the average annual salary of Indian chemists.

"This award confirms the significant scientific talent located in India," said Carroll. "We expect that this will be the first of many awards paid out to Indian scientists."

Since its July 2001 launch, InnoCentive has registered more than 8,000 solvers who are currently working on solutions to more than 40 scientific challenges valued at over $2 million.

InnoCentive is an e-business venture of Eli Lilly and Company, a leading innovation-driven pharmaceutical company.

The CSIR, established in 1942, is India's largest research and development organization with 40 laboratories spread over the length and breadth of the country. More than 22,000 persons work in various laboratories and institutions of CSIR, with an annual budget in excess of U.S. $300 million.

Opportunia Enterprises is a consortium of CSIR/NRDC, Ernst and Young India, NASDAQ India and other leading national and international service providers aimed at building fast track and technology-driven enterprises, with a special focus in biotechnology.