Green Start-Ups Compete for Impressive Prizes
Two of the biggest challenges of being a start-up – particularly one competing in the red hot green industry – is getting noticed, and getting funded. That’s why competitions – like GE’s Ecomagination Challenge – are vital to eco entrepreneurs: they promote and fund some of the world’s best and brightest ideas for sustainability. The first installment of the $200 million Challenge – the “Powering the Grid” competition, which wrapped in November – upped the ante in terms of funding. GE announced today that that it intends to acquire FMC-Tech, an Ireland-based leading provider of real-time power line monitoring technology – and one of twelve Challenge winners with the best ideas for bringing the power grid into the 21st century.
GE’s ecomagination Challenge: Powering Your Home is the most recent open call to action for businesses, entrepreneurs, innovators and students with breakthrough ideas for home energy creation, management and use.
The Challenge invited people to come together to bring ideas to the starting place of our energy future – the home.
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:
The evaluation committee considered one or more of the following for selected entrants:
Selected ecomagination Challenge entrants were offered the opportunity to develop a commercial relationship with GE through:
The Challenge, launched in collaboration with leading venture capital firms RockPort Capital, KPCB, Foundation Capital, Emerald Technology Ventures, and Carbon Trust is part of GE’s ecomagination initiative, a global commitment to build innovative clean energy technologies and will help fund the most promising ideas.
For more info please go to: http://www.gereports.com/crowdsourcing-smart-grid-tech-backed-with-cash/