How to Make Money and Make A Difference at the Same Time

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Step 1

Join Innocentive.com. Innocentive is an online open resource for solving problems that various companies or foundations have. They range from product development to medical practice and cover a range of issues facing both developing countries, and fully developed economies. You’ll need to fill out the registration which consists of all the normal stuff, name, address, etc.

Step 2

Choose a challenge. Challenges are arranged by discipline; for example, Life Sciences or Engineering and Design. You can then sort the challenges by award, posting date, deadline, etc. Challenges can have pay outs from $1000.00 to $1,000,000.00.

Step 3

After reading the challenge requirements, and electronically agreeing to the terms of viewing the challenge description, you need to download the Solution Template. It’s a Word document that has all the information you are required to submit for the challenge. Personally identifiable information like your full name, address, and phone number should NOT be included.

Step 4

Submit your solution. This is a legitimate, scientific organization with over $3.5 million in solution prizes awarded to date. It is not uncommon for your questions to be answered by doctors and engineers, so your proposal should be professional. If it is a design related challenge, include a drawing or schematic of your idea, and be sure that you address any and all specific points in the challenge. The challenge will usually have a section that tells you exactly what the solution requirements are.

Step 5

Once the solution has been submitted, you need to be patient. It isn’t uncommon for a few months to go by after the deadline before a prize is awarded. There are tons of solvers, so submissions can be in the hundreds for each challenge. If your solution is chosen, you will need to transfer all intellectual property rights to your design to the Seeker company. You’ll need to sign a release, and your present work will also have to sign a paper saying that they have no claim on your solution. If your solution wins, you can make a substantial amount of money for just a single idea.

Step 6

Collect your money and watch your idea change the world

Tips

  • Take your time. If the deadline is in 2 months, take the whole 2 months to make sure your idea is workable, and your submission is complete and professional. It isn’t a race, and you don’t have a better chance just because you got your idea in first.
  • Ask questions. You can message Innocentive at any time and someone who is intimately familliar with the challenge and its requirements will respond, usually within a day
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