CORDIS
EU research results

CORDIS

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Better and faster innovations with PhantoMinds’ instant automated recruiting tool for open innovators

Objective

"70-90 percent innovatin flops- The avoidable bad investments of 10 billion euros a year! This is highly related by the
innovation methods in use which are not able to deal with the fast-changing markets nowadays. In the innovation race
between countries and companies, the biggest challenge for companies is to build and identify executable ideas and
innovations, especially ideas and new products their customers want and buy.

PHANTOMINDS is a start-up from Hamburg, which was founded with the goal to become the No. 1 crowdsourcing provider
for collaborative innovation development in Europe. We focus on the needs of companies to respond more flexibly and
quickly to changing markets and conditions. PhantoMinds offers companies an open, digital and iterative innovation process
via a crowdsourcing approach to SMEs and large companies. By doing so, PhantoMinds enables SMEs to use the
crowdsourcing community platform to develop ideas and innovations by using the perspectives, expertise and knowledge
from the creative community and/or in combination with external experts and the company’s clients.We have already
designed and implemented a new module as a ""big data"" solution named ""open innovator/lead user internet screening for
companies"" on twitter, facebook and linkedin.

The key market of our solution is the market for Innovation Management. This market with a volume of 379 M€ in 2017 is developing extremely rapid with a CAGR (2017-2022) of 29%. Our goal is to achieve a mar-ket share of approximately 10% in Europe within the next 5 years, which is about 8,7M€."
Leaflet | Map data © OpenStreetMap contributors, Credit: EC-GISCO, © EuroGeographics for the administrative boundaries

Coordinator

PHANTOMINDS GMBH

Address

Am Sandtorkai 37
20457 Hamburg

Germany

Activity type

Private for-profit entities (excluding Higher or Secondary Education Establishments)

EU Contribution

€ 50 000

Project information

Grant agreement ID: 888809

Status

Ongoing project

  • Start date

    1 December 2019

  • End date

    31 May 2020

Funded under:

H2020-EU.3.

H2020-EU.2.3.

H2020-EU.2.1.

  • Overall budget:

    € 71 429

  • EU contribution

    € 50 000

Coordinated by:

PHANTOMINDS GMBH

Germany