Wednesday, May 07, 2008

Tek Scout - Open Innovation Network

While perusing PayPerPost today, I got an Opp! If you have noticed, it has been awhile since I have had regular ones. This Opp is for TekScout, a website that is using the Open Innovation Exchange.

TekScout is a science themed site. They will help companies who need help solving complex problems, and match them with experts around the world who can solve them. Basically, what I learned from their site is that the TekScout Open Innovation Exchange "enables companies to post development challenges and an associated reward for solving their challenges in areas of science and engineering." There are six different cattegories for the exchange, and they include

Life Science
Math & Computer Science
Physical Science
Engineering & Design
Alternative Energy & Sustainable Products

If you are a company that needs a problem solved, head over to TekScout and do the following:
1) Post what you are having problems with
2) List the criteria you would use to solve the problem
3) Say when you need it completed by
4) Lastly, say how much you are willing to pay to have it solved for you.

Tek Scout will then put your problem on their website, and displays it to their network of Scientists and Researchers around the world. If someone sees your problem and has a solution for you, they can post it and you can review all the solutions submitted. If you like how they have solved it for you, you can accept it. And you don't have to pay until you have accepted a solution.

After reading all of this, I really think that TekScout is a great network to be in. If I had a need, I would certainly use them. The website is easy to use, very very informative, and there is even a video that will explain all the information in more detail.

Here is a copy of TekScout's Recent Press Release:

UTEK Corporation Launches TekScout™ Open Innovation Sourcing Service
Tampa, FL -- (Business Wire) – March 3, 2008 -- UTEK Corporation (AMEX & LSE-AIM: UTK), a leading Open Innovation services company, today announced the launch of its TekScout™ Open Innovation Network.
TekScout helps companies look outside of their internal R&D department to better address the challenge of completing complex development projects. The TekScout Open Innovation Network enables companies to post complex development projects, along with a reward and timeline required to solve the problem, in a secure environment. A worldwide network of qualified scientists and engineers can view these challenges and earn rewards for providing unique solutions.
A 2006 Harvard Business School Study entitled The Value of Openness in Scientific Problem Solving, by Lakhani, Jeppenson, Lohse, and Panetta, found that presenting scientific problems to the outside community enabled several large R&D intensive firms to solve over one third of the problems that they had been unable to resolve internally. The study also found that the most successful solutions came from experts that are at the boundary, or outside of their specific fields of interest, indicating the importance of reaching outside of your organization to successfully innovate.
“UTEK has a unique capability to bring companies (TekScouts) and scientists(TekExperts) together, based on our deep-seated relationships with hundreds of companies and relationships with over 2,000 academic institutions around the world,” stated Edward Weisberg, VP and General Manager of TekScout. “We are able to leverage these existing relationships to help ensure that we have the best and the brightest scientists available for companies that are looking for serious solutions to their challenges. TekScout also helps qualified scientists and engineers find R&D challenges that utilize their problem solving capabilities while providing a financial and intellectual reward for winning solutions.”
TekScout challenges will be focused in the disciplines of Life Science, Physical Science, Chemistry, Engineering and Design, Math and Computer Science, and Alternative Energy and Sustainable Products.
“Over the past ten years UTEK has built a global reputation for sourcing technologies for our clients. Now, in addition to providing technology sourcing, strategic consulting and patent analytics, we offer clients the ability to outsource their development challenges to bring products to market faster and more cost effectively with a comprehensive Open Innovation program,” added Clifford M. Gross, Ph.D., Chief Executive Officer of UTEK. “We believe that our goal of becoming the world’s first turn-key provider of Open Innovation services is further enhanced with the launch of TekScout.”
The TekScout Open Innovation Network can be viewed at
About UTEK Corporation
is a leading Open Innovation service company. UTEK’s services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK is a business development company with operations in the United States, United Kingdom, Israel and Portugal. For more information about UTEK, please visit its website at
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements.” These forwardlooking statements can generally be identified as such because the context of the statement will include words, such as UTEK "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that its expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forwardlooking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and UTEK does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized and realized gains and losses of companies in its portfolio, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be
indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.
UTEK Corporation
Tania Bernier
813-754-4330 x 223
Bankside Consultants
Steve Liebmann or Simon Bloomfield
+ 44 (0) 20-7367-8883

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