World renowned General Electrical Company announced Ecomagination Challenge: Powering the Grid, a $200 million open innovation challenge to find and fund the best ideas for bringing their power grid into the 21st century. The entire process is co-funded by four distinguished venture capital firms, Emerald Technology Ventures, Foundation Capital, KPCB and Rockport Capital.
Submit an idea and earn huge money
Register yourself in the challenge, http://challenge.ecomagination.com/ideas After registering, you may enter as many ideas as you wish to submit in the three categories such as, Renewables, Grid Efficiency and Eco Homes/Eco Buildings. You may submit your ideas between July 13 and September 30, 2010.
Your entry must be in English, explaining a clear, detailed proposal describing an innovative, original smart grid technology. You may submit any idea that you feel could bring in some changes in normal human life. You may submit photos, pictures and videos that support your idea.
GE’s representatives and its investment partners will form an evaluation committee to consider possible investments based on your ideas in you or your company. GE has also selected an Ecomagination Challenge panel of judges, including individuals from GE’s business units, representatives from academia, venture capital firms, government research specialists and others. The panel will select entries to receive cash awards. The entire challenge is in two rounds.
Round 1: Starts from July 13 – September 30, 2010, in which the general public will vote on your submitted ideas.
Round 2: From October 1 – November 30, 2010, in which, GE will announce those entrants with whom GE intends to pursue commercial relationships. In November, GE will announce any business deals with GE that have been formalized.
What you will earn from GE’s Ecomagination Challenge
As they say in their website, “the entry receiving the most user-submitted votes, will receive, subject to GE’s review for appropriate content, a cash award of $50,000. GE will present each of five innovation challenge award recipients with $100,000 in cash, for a total of $500,000, to acknowledge these entries as examples of outstanding entrepreneurship and innovation.”
Judges may also award one or more entrant:
- GE Scientific Merit Award to work with the GRC
The evaluation committee will consider one or more of the following for selected entrants:
- An equity investment by GE or others
- A cooperative agreement to develop a product or technology
- A review of your product or service for possible qualification to be a part of the GE Ecomagination program.
Who can participate in GE’s Ecomagination Challenge
As the website says “Any individual 18 years old or older can participate, as can any organization, except a bankrupt person or organization and/or a criminal offender under any national penal system. (GE employees are not eligible to enter.)
If you are participating as a team, one designated team leader must be solely responsible for all activities related to the competition”.
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