Dr. Alpheus Bingham, InnoCentive, Inc.'s President And CEO, Receives 'Business Processes Award' At The Economist's Fourth Annual Innovation Summit

ANDOVER, Mass., Dec. 1 /PRNewswire/ -- InnoCentive today announced that Dr. Alpheus Bingham, president and CEO of InnoCentive, has won "The Business Processes Award" category at the fourth annual Innovation Summit and Awards event, sponsored by The Economist magazine. Dr. Bingham became the first recipient of this newly created category.

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Dr. Bingham said, "The Economist award is a prestigious source of recognition for InnoCentive and for our vision -- which is to foster global collaboration through all domains of commercially important R&D. Doing so creates a previously inaccessible level of problem-solving diversity and risk management. We are creating a global scientific community through our online network and this award recognizes the success and power of that vision."

"The Business Processes Award is particularly gratifying to InnoCentive," said Ali Hussein, chief marketing officer and vice president of global markets at InnoCentive. "It further acknowledges our efforts to be a leader in the movement of the globalization of ideas and individuals, and in making the business of innovation work more effectively."

The award ceremony took place in London on November 14 and had as its theme, "Making the Business of Innovation Work." Speakers from industry and academia examined the latest trends in the management of innovation, from the laboratory to the marketplace. CEOs and business leaders from around the world attended the ceremony. Awards were given to recognize outstanding innovators in the categories of bioscience, energy and the environment, computing and telecom, social and economic development, consumer products, an open-ended "no boundaries" category, and business processes, for which Dr. Bingham was the recipient.

Upon presenting the award, Tom Standage, Technology Editor, The Economist, cited InnoCentive as "an innovative program -- a web-based community forum that matches top scientists to R&D challenges ... and enables major global companies to reward scientific innovation through financial incentives." Standage described InnoCentive's approach as a "meta-innovation -- innovating on the ways in which people innovate."

InnoCentive's virtual laboratory brings together leading global corporations and scientists from around the globe in order to solve tough R&D challenges. Companies including Boeing, Dow Chemical, Eli Lilly and Company and Procter & Gamble, which collectively spend billions of dollars on R&D, post scientific problems confidentially on the InnoCentive Web site where more than 85,000 scientists and scientific organizations located in more than 175 countries can solve them. Scientists who deliver solutions that best meet InnoCentive's challenge requirements receive financial awards ranging up to USD$100,000.

About InnoCentive

InnoCentive is the first online forum that allows world-class scientists and science-based companies to collaborate in a global scientific community to achieve innovative solutions to complex challenges. InnoCentive is an e-business company of Eli Lilly and Company, a leading innovation-driven pharmaceutical company. To learn more and to register as an InnoCentive Solver, visit the InnoCentive Web site at www.innocentive.com.

NOTE: InnoCentive and InnoCentive Challenge are registered trademarks of InnoCentive, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.

For More Information: Earle Speranza Media Contact for InnoCentive 510-226-6780 x 152 innocentive-pr@e21corp.com

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CONTACT: Earle Speranza of e21 Corp., +1-510-226-6780, ext. 152, orinnocentive-pr@e21corp.com, for InnoCentive

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