Naveen Jain, Intelius CEO, Will Pay Employees $100,000 For Good Ideas

Naveen Jain, the CEO of Intelius, pays his staff up to $100,000 for new ideas.

Convinced that cash prizes stimulate innovation, the CEO of one Bellevue, Wash.-based technology firm is giving $100,000 to employees with great ideas.

Naveen Jain is the CEO of Intelius, which provides online information about people to businesses. In addition, he sits on the board of the X Prize Foundation, a non-profit group that organizes public competitions with multi-million dollar prizes aimed at advancing technology.

The success of the X Prize recently prompted Jain to bring innovation-based contests to his own business. Last year, Intelius held its first-annual "iPrize," a company-wide competition that invites staff to submit ideas for cost-saving measures and new products.

A panel of Intelius executives judges the ideas, which can be submitted by teams of up to 10 employees. First place receives a check from Intelius for $50,000, second place gets $20,000, third place wins $10,000 and ten "finalists" are each awarded $2,000.

Now in its second year, the number of staff submissions for the iPrize has nearly doubled, Intelius executives told The Huffington Post. The company estimates that nearly half its 170 employees have entered an idea into the annual competition.

Winning ideas last year included software for Intelius salespeople and a consumer-facing mobile app that allows users to stake their online reputations on product recommendations.

Whether Intelius' iPrize generates ideas that ultimately boost its bottom line remains to be seen, but there's no question that contests aimed at spurring innovation and fostering entrepreneurship within corporations are en vogue, especially as nimble startups nip at their heels.

Recent research by the consulting firm McKinsey found that while today's best-known prizes, such as the Nobel Prize or the Pulitzer, are based on past achievement, an increasing share of prizes look to the future.

Before 1991, 97 percent of prize money was offered for past achievements, according to the report. However, since then, 78 percent of new prize capital has been offered for the future solutions of problems.

Does your company hold firm-wide competitions to generate new ideas and inspire staff?

Comments

[Sellie Truitt]

02:01 AM on 09/01/2012

Dear Mr. Jain:

Let's get Rich together. If it's ideas you want, I am FULL of them. Hit me on: [e-mail] and I'll Load you down.

[upsetaboutthis]

02:40 PM on 07/23/2012

This is interesting, but have you read this about Naveen Jain? I think it's the same man. http://seattletimes.nwsource.com/news/business/infospace/

[k0000l]

09:44 PM on 07/05/2012

Here is am idea- transform the Intelius customer service team so they actually give customer service. I had more than 100 email exchanges with them for the past 6 months trying to remove my name from 2 links on lookupanyone.com and also sent faxes, online opt-out requests and phone calls, the team at Intelius are the worst in the world. Please somebody give me an idea how to get help from this company!!!!

[Roger R]

04:13 PM on 06/17/2012

How do I get started ideas

[Mas Di]

07:20 AM on 05/19/2012

What is the definition of "Good Ideas"? Multiple earnings, Saving earth???

[Sellie Truitt]

11:53 PM on 05/15/2012

Mr. Javeen: As Brad Fanning of KCTV5 Channel said of Sellie Truitt, he's is Full of Ideas. You need to contact him. [e-mail]

[Amal Doleh]

11:48 PM on 05/15/2012

My boss usually just gives me a high five. But it feels like $100,000. #NoItDoesnt

[Roger R]

04:15 PM on 06/17/2012

hi are there any winners here? Roger

[pataconpuntokam]

11:38 PM on 05/15/2012

I have a great idea sir: Pay a little less so you don't go broke! You're welcome, when can I get my paycheck?

[tbonsteak]

08:58 AM on 05/15/2012

If I am not mistaken isn't the $100,000.00 for employees only. I have several great ideas no money to make anything happen. Please let me know if this is open to all or just employees. thanks sincerly.

[netbinge]

05:00 AM on 05/15/2012

Sounds like the inspiration behind www.CollectiveEngagement.com

[Gone Fishing]

12:34 AM on 05/15/2012

That's awesome. I wonder how much he would pay a genius who is not employed at his very esteemed company for ideas that would increase his bottom line, production & cut costs. Mr. Naveen, when you're ready to hire an "outside the company" innovator, inventor & pitchman, contact me.

M.D. www.penfishingrods.com
World's Smallest Fishing Rods and Reels.

[GreatGrand mama]

02:39 AM on 05/15/2012

best of luck... hope you can get a contact.. and make a contract.

[Gone Fishing]

07:30 AM on 05/15/2012

Thanks Gran. It would be nice to snag a quick 100K. As far as me, my inventions are sold in over 150 Countries already. I didn't sit back & wait for a company to rob me. I invented www.penfishingrods.com which are the world's smallest fishing rods & reels, and www.floatingpliers.com which are pliers made from 100% recycled materials that actually float on top of the water in case they fall off the boat. We have over 500 videos on youtube.com showing happy customers from all over the globe using my products. What kind of business are you doing?

[lofttypeofaview]

08:07 PM on 05/14/2012

How many ideas will be stolen because those that submitted them didn't first get a patent?

[GreatGrand mama]

02:39 AM on 05/15/2012

good point.

[barbra1971]

02:52 AM on 05/15/2012

How many great ideas will never see the light because the inventor has no money to pay for lawyer to patent it.

Ideas, even for free, are blessing to society, they mean jobs. I want to live in happy and prosperous society. That is more important to me then to be rich. Rich people are not all happy, many are having miserable lives.