GE Sets the Bar for Open Innovation Reward

November 21, 2010 By Aminda

General Electric announced this week the first round of winners in the world’s largest open innovation challenge. The 12 investments, totaling $55 million, represent the first dozen winners of its $200 million Ecomagination competition.  The challenge was launched in July as part of GE’s commitment to creating a cleaner, more efficient and economically viable grid, and accelerating the adoption of smart grid technologies.
The challenge is backed by four venture capital firms who collectively contributed $10 million with GE contributing $45 million.

The new partners and award winners were chosen from nearly 4,000 concepts submitted by businesses, entrepreneurs, innovators and students over the course of the 10-week open competition this summer. Entries were submitted in one of three categories: Renewables, Grid Efficiency and Eco Homes/Eco Buildings. The winner hail from several U.S. states, Ireland, Israel and Sweden. The actual award amounts vary, as contests terms explain that award winners may receive any of the following:

•    Cash grant
•    Fellowship to work at a GE research center
•    Equity investment by GE or others;
•    Cooperative agreement to develop a product or technology
•    Distribution or marketing agreement; or
•    License to use the GE trademark.

Submissions were charged with coming together to take on one of the world’s toughest challenges – building the next-generation power grid to meet the needs of the 21st century. Entries were judged on their originality, feasibility and impact by a panel of internal and external experts. GE also opened the entries up for public review and discussion, generating more than 80,000 comments in 10 weeks.  The idea that the general public votes on as the one they believe will have the most impact on the smart grid of the future is to receive a cash award of $50,000.

Share on      
Next Post »

Add your Comment

[LOGIN FIRST] if you're already a member.

fields are required.

Note: Your name will appear at the bottom of your comment.