The first prize cash amount for this contest is $50,000! The recipient's business plan that won first place will use its technology to use vibrations to power small electronic devices, including sensors and medical devices.
A student group proposing to make tiny device that scavenges energy out of small vibrations won the second annual prize.
Other finalists included:
- a business which developed a method to produce silane gas on-site for customers in a novel manner that is flexible, low-cost and environmentally benign
- a business plan which seeks to place small food digesters outside restaurants and cafeterias to produce natural gas from decomposing food
- a business which will offer a proprietary smart battery management system, enhancing battery utilization in electric vehicles.
Says a spokesperson for the competition, "this prize is part of the effort to meet the challenges I've described. It's also part of the effort to develop an entrepreneurial culture and a culture of innovation."
Officials from the company said they used their prize money to move their technology forward and as evidence of the strength of their concept -- eventually winning a stipend and work space from another organization and more funding from another funding program that provides seed capital for businesses.