Paradigm Inks Internal Technology Development Deal with InnoCentive

Paradigm B.V.

Paradigm has signed an agreement to expand internal technology development by posting critical high-priority challenges to InnoCentive for open innovation. The agreement connects Paradigm's science and technology experts with InnoCentive's global network of "Solvers," a community of progressive physicists, chemists, mathematicians, and other scientists.

For over 20 years, Paradigm's past commitment to open innovation has helped shape its product line. By working with InnoCentive, Paradigm breaks the mold again, challenging the broader exploration and production community to recognize open innovation as a viable and desirable approach to accelerate advanced technology development for the oil and gas industry. This step is aligned in its commitment to changing the economics of energy through technology.

"Paradigm has always asked a broader community to partner and create the best solutions. As a leader of innovation, our people are driven to deliver customers continual breakthroughs based on the advancement of science," said Paradigm Executive Chairman and CEO, John Gibson. "Working with InnoCentive, Paradigm is taking this unique approach to drive new breakthroughs and accelerate innovation. We believe open innovation can serve the industry beyond organic incremental software feature development common at traditional software companies."

Paradigm will utilize InnoCentive's online network to connect with a powerful global community of intellectual resources. Paradigm’s goal is to establish a vast web of innovative thinkers, working seamlessly to solve a greater number of critical industry technology and business challenges in less time. Gibson uses the term "people fusion" in describing this progressive approach to expand innovation. He believes it will promote non-traditional ideas and solutions to augment, extend and accelerate traditional research and development within the energy industry.

"John's concept of 'people fusion' mirrors our marketplace capability to solve difficult challenges because of the reach of InnoCentive and the diverse intellect of our solvers," said InnoCentive CEO, Dwayne Spradlin.

"Affordable energy is possible if people with passion and the ability to solve complex problems come together to optimize the systems of discovery and delivery. This relationship with Paradigm and sharing in John's vision will fundamentally change how discovery and innovation will happen in oil and gas in the future…now."