WALTHAM, Mass., Dec. 10, 2013 /PRNewswire/ -- InnoCentive, Inc. the global leader in open innovation crowdsourcing competitions, and The Dow Chemical Company (NYSE: DOW), today announced the Oil-Sol Challenge to expand the use of Dow's novel oil-soluble polyalkylene glycol (oil-soluble PAG) technology. The Challenge will award a payout of $15,000. Solvers can submit entries through the contest web page www.oilsolchallenge.com through January 27, 2014.
While Dow has identified industrial and automotive lubricants as markets for oil-soluble PAGs, the chemistry has potential for a much wider market. This Challenge will serve as an opportunity for industry experts to collaborate, innovate and problem-solve – validating new applications and markets where oil-soluble PAGs can offer clear advantages.
"Dow has consistently been an innovator, bringing useful and important products to market for many years. They understand that crowdsourcing ideas to spur research and development can lead to better solutions faster," said Alph Bingham, co-founder and board member of InnoCentive. "This Challenge enables Dow to tap into InnoCentive's diverse network of hundreds of thousands of Solvers who can work collaboratively to suggest ways for Dow to serve new industries."
"Dow recognizes the potential for oil-soluble PAGs. We believe there is a broad spectrum of applications, and in order to reach those untapped areas, we need to reach across multiple industries," said Lisa Inoue, strategic marketing leader for oil-soluble PAGs at Dow. "Experience shows open innovation and collaboration with a diverse pool of experts accelerates, magnifies and improves the caliber of solutions."
The Oil-Sol Challenge will enable participants to work with Dow, be recognized for innovations, and make a lasting mark in the fields of science and technology. In addition to prize money, Challenge winners may go on to work with Dow over the long term.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2012, Dow had annual sales of approximately $57 billion and employed approximately 54,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 sites in 36 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
InnoCentive is the global leader in crowdsourcing innovation problems to the world's smartest people who compete to provide ideas and solutions to important business, social, policy, scientific, and technical challenges. Our global network of millions of problem solvers, proven challenge methodology, and cloud-based technology combine to help our clients transform their economics of innovation through rapid solution delivery and the development of sustainable open innovation programs. For more than a decade, leading organizations such as AARP Foundation, Air Force Research Labs, Booz Allen Hamilton, Cleveland Clinic, Eli Lilly & Company, EMC Corporation, NASA, Nature Publishing Group, Procter & Gamble, Scientific American, Syngenta, The Economist, Thomson Reuters, and the U.S. EPA have partnered with InnoCentive to rapidly generate innovative new ideas and solve problems faster, more cost effectively, and with less risk than ever before. For more information, visit www.innocentive.com, email email@example.com, or call 1-855-CROWDNOW (U.S.) or +44 (0) 207 935 0827 (International).
The Dow Chemical Company
SOURCE InnoCentive, Inc.