Web-based R and D project rewarded for innovation

Alpheus Bingham, chairman of InnoCentive and vice-president, e-Research and Development at Eli Lilly, was recently announced as the winner of the Economist Innovation Award for Business Process

Alpheus Bingham was commended for developing a web-based R and D community forum that matches top scientists to research challenges, enabling companies to reward scientific innovation through financial incentive.

The idea is that the person who delivers the best solution to a particular research problem receives a financial reward, currently more than $1.6 million in potential awards have been listed on InnoCentive.

This model has the potential to lower costs for companies and therefore consumers and, more importantly, encourages innovations in critical research areas.

The award was presented to Bingham because he represented The Economist's attitude in celebrating individual achievements and innovations that positively transform global business.

The awards are designed to highlight the importance of individual thinking and innovation in the business world.

Following the awards The Economist ran a half-day interactive summit that aims to educate industry leaders on the importance of investing in innovation and putting good ideas into practice quickly and effectively to gain competitive advantage.

Speakers at the summit included Tom Standage, editor of The Economist's Technology Quarterly, and Jeff Levick, director of vertical markets, Google.

It is the first time the event has been held outside the USA.

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