ANDOVER, Mass., Nov. 7 /PRNewswire/ -- InnoCentive today announced that it has won the Wharton Infosys Business Transformation Award (WIBTA) 2005, in the "Enterprise Business Transformation" category. WIBTA rewards excellence and innovation in information technology that have industry-wide impact, and recognizes companies that deliver new performance trends with a potential to re-define industry and business models. (Photos: http://www.newscom.com/cgi-bin/prnh/20050919/SFM013 http://www.newscom.com/cgi-bin/prnh/20051103/BINGHAM ) "We are honored to receive this award for our online research and development network that connects the global scientific community," said Alpheus Bingham, Ph.D., founder, president and CEO of InnoCentive. "We are committed to attracting leading global research-driven companies, and providing them with an open, innovation network to help address their scientific R&D challenges. We want InnoCentive to be synonymous with the global community and that has now become a reality." "The Wharton Infosys Business Transformation Award recognizes the strategic foresight of the organizations and their leaders, who envision, create and execute the transformation process and propel their organizations," said N.R. Narayana Murthy, chairman and chief mentor of Infosys Technologies Ltd., and a WIBTA panelist. "The entire panel was very impressed by the contributions that InnoCentive has made to transforming the scientific community on a truly global scale through its online network. We have great pleasure in congratulating InnoCentive on its accomplishment." Ali Hussein, chief marketing officer and vice president of global markets at InnoCentive said, "We are thrilled to be recognized with this prestigious award. When global companies are faced with research and development challenges, InnoCentive can put 80,000 of the world's brightest scientists to work for them. This award recognizes their hard work and is a clear affirmation of the power of InnoCentive's virtual laboratory that can boost scientific innovation through Internet connectivity." Mr. Hussein added that "InnoCentive was selected to receive this award because of its outstanding work in creating a totally new way for research-dependent companies to accelerate product development through the use of a Web-based 'virtual' research and development (R&D) laboratory, that greatly reduces the escalating cost and time required to take a needed product to market." For 2005, the jury unanimously decided to award InnoCentive for connecting the global scientific community under one platform. InnoCentive is a web-based scientific solution network that rewards performance and risk taking. This business model expands problem-solving capacity and expertise by tapping into the global resources of scientists and technologists. The InnoCentive approach has emerged quickly as an important development in its industry for R&D. Commenting on the award, Patrick T. Harker, dean of the Wharton School at the University of Pennsylvania, said, "Three years ago, the Wharton School joined with Infosys to express our shared commitment to business innovation through the establishment of the Wharton Infosys Business Transformation Awards. We continue to be proud of the partnership that sponsors these awards, and we are delighted to join in honoring the companies selected this year." InnoCentive's virtual laboratory brings together leading global corporations and scientists in order to solve tough R&D challenges. Companies including Boeing, Dow Chemical, Eli Lilly and Company, and Procter & Gamble, that collectively spend billions of dollars on R&D, post scientific problems confidentially on the InnoCentive Web site where more than 80,000 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 Infosys Technologies Ltd. (Nasdaq: INFY) Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys' Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has approximately 15,000 employees in over 30 offices worldwide. For more information, visit www.infosys.com. 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: Tara Bal Media Contact for InnoCentive 510-226-6780 x 162 email@example.com
SOURCE InnoCentive, Inc.