A new challenge from InnoCentive calls for a tool to gauge the financial risk of people and organizations that were denied a microloan for their business. The challenge has a prize of $40,000 and a deadline of 30 May 2012.
InnoCentive in Waltham, Massachusetts is a company the conducts open-innovation, crowd-sourcing competitions for corporate and organization sponsors. The sponsor of this challenge is Accion Texas Inc., a not-for-profit microlending organization in San Antonio serving the U.S. South and Southwest with small loans to entrepreneurs, small businesses, and non profits that banks are unable to assist.
Each applicant is asked to provide a written proposal describing an idea for a new, standardized tool to provide an alternative risk assessment of people or organizations who would otherwise be denied a business microloan. The solution offered by the applicant, even if not yet a proven concept, is expected to include detailed descriptions, specifications, and requirements needed to bringing the idea closer to becoming an actual product or service.
This type of contest is called a Theoretical IP Transfer Challenge. InnoCentive says this type of challenge also requires applicants to transfer to the sponsor their exclusive intellectual property (IP) rights to the solution. The sponsor, in this case Accion Texas, will be willing to consider a licensing agreement, in exchange for a partial award if exclusive IP rights cannot be transferred by the applicant.
Read more: Challenge Seeks Faster, Simpler Crop Analysis Methods
Photo: borman818/Flickr
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