The process is fairly straight forward and intuitive. All that you need to do is choose a category that best represents the type of the challenge that you have, offer a cash reward for solving it, and explain in plain English why do you have this challenge and what you wish to accomplish by solving it.
Yes. We require the Challengers to warrant that they (a) accept the risk of challenge not being accepted due to ambiguous or unreasonable millstones set; (b) accept the outcome generated based on the milestones defined; (c) refrain from holding Cenergim or the Innovator responsible for the results produced by potentially improperly defined milestones; (d) agree to release the escrow funds related to the milestone; (e) let the Innovator complete the challenge based on the milestones defined; or (f) pay an additional 2% modification fee plus any appropriate fees for challenge services to correct the remaining milestones to ensure successful completion of the challenge.
A challenge agreement is a secondary agreement that complements the Terms of Service. Whereas the Terms of Service outlines the general user agreements of our service, the Challenge Agreement outlines the specific terms for completion of the challenge. It contains the following:
1) challenge specific information;
2) general provisions;
3) each party’s obligations;
4) escrow instructions and payment terms;
6) intellectual property (IP) rights and transfer agreements;
7) confidentiality agreement.
Therefore, Challengers should make every reasonable effort to offer competitive rewards that incentivize Innovators to accept and complete challenges at a level that is consistent with Cenergim’s quality standards. Offering low rewards that are significantly below competitive market rates may result in Challenges not being accepted by Innovators or challenges being disqualified by Cenergim as their resolution may require Innovators to provide services that do not adhere with Cenergim’s quality of service standards.
Managed Services Team
Selecting an innovator
Second, we use experts with many years of domain expertise to interview and certify the nominees. These experts have many years of hands on experience either solving innovation challenges themselves or hiring and managing providers and teams to do it. By tapping into the wisdom of these experts we significantly improve our selection process. This is in stark contrast to some other platforms that use methods like: self-certification, third party reviews, key word search, and last but not list using inexperience people or recruiters to conduct interviews.
Second, innovation is a complex multi-disciplinary process that requires significant knowledge and expertise. Hence, we have to ensure that our ecosystem members possess the right capabilities.
Third, we primarily target the capability gap and our goal is to help companies solve complex challenges that they cannot solve themselves. Therefore, we need to ensure that our ecosystem members possess the right capabilities to co-create the right solutions and outcomes.
Last but not least, we use an outcome-based model which means that we do not get paid unless our Innovators solve the challenge. So, our success is tied to the performance of our Innovators. Thus, we need to ensure that they can get the job done.
If as a Challenger you believe that you may need help in properly defining a challenge, we recommend that you select one of our Success Plans to ensure success. If you choose not use this service, you agree that you have warranted that you have the capability to do so. As a result, you will forfeit any future claims or disputes that may arise as a result of misunderstandings or lack of clarity.
Subcontracting or third party assistance
Second, once a Challenger and Innovator enter into a Challenge Agreement, the Innovator must comply with the intellectual property (IP) terms that warrants that they do possess such IP and are willing to transfer it if necessary to the Challenger. Since, Innovators do not own their contractor’s IP and cannot guarantee such a transfer, they are prohibited from working with any contractor with whom such an agreement does not exist.
Third, in order to receive the reward innovators should accept Cenergim’s escrow partner’s Term of Service which only recognizes one party as the recipient.
Once a challenge is awarded to an Innovator and the Parties have entered into a Challenge Agreement, cancellation of such challenge will be governed by the terms of the Challenge Agreement.
Payment Service Fee
Cenergim escrow partner determines the fees and will charge the Challenger for 50% of them. The Challenger must submit these fees in addition to the challenge reward to the escrow service. The escrow partner then deducts the other 50% from the Innovator proceeds before paying them the remaining challenge reward amount.