Get paid to solve problems – Money tip #249

It’s surprising the number of innovative ways you can make some spare cash using nothing more than a computer these days. For example, I recently explained how you can ‘Make money writing online’ or by ‘Becoming a field agent’. But it also possible to get paid to solve problems for companies online, with the potential for a significant reward.

Get paid to solve problems online

Innocentive is a website that enables companies with problems to crowdsource solutions. The solution seekers can be commercial enterprises, public sector organisations or even non-profit entities.

While the companies involved seem to be principally US based ‘solvers’ can be based anywhere in the world.

How does it work?

Companies post sponsored challenges often with significant cash prizes for the best solutions. Admittedly this is not for the faint-hearted as the challenges are often complex.

One example of a successfully solved problem is the design of a low-cost rain water storage system that could be installed in households in developing countries. Here is the amazing full story of a college lecturer who successfully completed the challenge and how his idea is now changing the lives of people Uganda.

How much can you make?

It depends on the challenge and the idea but the reward can range from £5,000 to half a million pounds. To date the site claims to have awarded over $14 million to solvers since its launch.

But it’s not all about the money clearly. If you have an expertise and want to exercise your grey matter in order to make a difference then this could be for you.

Where to find out more

• The FAQ section of Innocentive’s site
• Ideaconnection - a site doing much the same thing as innocentive
• For other ways to make money see the ‘Ways to Make Money’ section of MoneytotheMasses.com