Got a bright idea? How about an energy-saving one? GE announced today a $200 million “open innovation challenge” that invites inventors, entrepreneurs, and startups of all stripes to compete to develop the next-generation of power grid technologies.
Called the Ecomagination Challenge, this huge investment comes only weeks after GE announced a $10 billion injection into its own eco-R&D projects.Along with four VC firms that have pledged half of the $200 million to the challenge, GE is asking the public for innovative ideas in clean technology. From now until September 30, you can head to the Ecomagination homepage to submit a proposal or vote for other user-generated ideas.
GE explained earlier today that the $200 million investment could lead to acquisition or co-development opportunities, and even trademark and licensing deals. “This is wide-open,” said another investor in the challenge, who commented that the challenge should serve as a catalyst for novel ideas, regardless of who comes up with them, whether an individual or well-funded start-up [Source].
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