The InVenture Prize @ Georgia Tech is an innovation competition for undergraduate students at Georgia Tech. Students can work independently or in teams to develop and present inventions, which will be judged by experts. Up to 10 inventors will be selected from Preliminary Rounds to advance to the Final Round. In the Final Round, two winners, either individuals or teams, will be selected.
Registration: Individual students and student teams must submit an "Intent to Compete" as soon as possible but not later than November 19th, 2010. Competitors must then "Register" for the competition between November 23rd, 2010 and January 20th, 2011 at 11:59:59 pm.
InVenture Prize School: All students who are interested in competing or have submitted an Intent to Compete are invited to InVenture Prize School, a series of seminars and coaching sessions to help prepare for registration and the competition.
Inventor Notebooks: The organizers strongly encourage students to keep an inventor's notebook. To this end, one notebook will be provided to each student who has indicated an intent to compete. Please contact after you have submitted your Intent to Compete to get your notebook. Read the instructions for how to keep your notebook.
Prototype Awards: Prototype Awards: Approximately five Prototype Awards of up to $500 each will be given to assist you in making a prototype. To be eligible for an award, you should submit a 500 word or less statement answering the question: "How will a Prototype Award help me/us win the InVenture Prize competition." Students should submit their statements and a detailed budget to email@example.com by Dec 17th. Applicants must complete the "Invention Details" section of the registration form prior to the deadline to be considered. Awards will be made on a rolling basis but all will be announced by Dec 20th. Awards can only be used to buy materials and supplies for prototype construction. Students participating in project courses where funds are provided by Georgia Tech are NOT eligible for this award. Be sure to include names and emails of your team members. Constructing a prototype is not necessary to win the InVenture Prize, but may be helpful. Judges will not be informed of who the Prototype Award Winners are.
Competition: There will be one or more Preliminary Rounds in the competition with the number of rounds selected by the organizers to accommodate the number of registered inventors. In the Preliminary Rounds, open only to judges and the Georgia Tech community, inventors will pitch their ideas in an open gallery setting. In the Final Round, open to the GT community and the public as well as televised live on GPB, approximately 8 finalist inventors, selected from the Preliminary Rounds, will give a 3 minute presentation of their invention to a panel of judges followed by 3 minutes of questions and answers. The judges willthen determine the first and second place winners.
The final round will also consider more holistic criteria to determine if your invention merits investment by The InVenture Prize. They will select the winner and runner-up considering inventor's responses to broader questions such as "What would winning (or losing) The InVenture Prize competition mean to you?"
The judges in the final round may also consider more holistic criteria to determine if your invention merits investment by The InVenture Prize. For example, judges may consider inventor's responses to broad questions such as "What would winning (or losing) The InVenture Prize competition mean to you?"
Eligibility: Current Georgia Tech undergraduate students can enter individually or in teams. Fall 2009, Spring 2010, Summer 2010, or Fall 2010 BS graduates are eligible to compete. A student can only participate in one invention either as an individual or as a member of a team.
Invention Requirements: Inventions must be original student inventions. Co-invention with non-students or any others must be fully disclosed during registration to determine if the contribution of others was substantial. Output and products from student course projects, campus research, and co-op are eligible with full disclosure about the resources and people involved. Software is eligible. Prototypes (a physical demonstration of your invention) are very helpful but not required. See the Intellectual Propery section for more details. All registrants are bound by the Georgia Tech Honor Code to fully disclose the information requested.
Judging: Judges in the Preliminary Rounds and on the four-judge panel in the Final Round will have expertise in engineering, science, computing, and business. The criteria used by these expert judges in their evaluation are:
Is the idea novel? How does it compare to other ideas which address the same problem?
Is there a demand for the invention? Will people buy it?
How big is the market for the invention?
How driven is the inventor or team by the idea?
Probability of Becoming a Successful Business
Would someone invest in helping make the invention a reality?
The "decision makers", all successful business people, will apply more holistic criteria to determine if your invention merits investment by The InVenture Prize. They will select the two winners based on the inventor's responses to broader questions such as "What would winning (or losing) The InVenture Prize competition mean to you?"
The judging process consists of one or more Preliminary Rounds followed by a Final Round.
The faculty organizers and other faculty volunteers will work with students prior to the Preliminary Rounds to help them focus their thinking and improve their ideas and their presentations. In the Preliminary Rounds, judges will score each invention on each of the five specific criteria and will also provide a holistic appraisal of the idea. This scoring gives all the inventors feedback on their invention and presentation and will determine which inventions will advance to the Final Round. Provisional US patent applications will, with the assistance of the inventors, be filed by Georgia Tech on behalf of up to 20 inventions selected in the Preliminary Rounds.
People's Choice Award
Fans can vote for their favorite invention during the televised final round on March 09, 2011. A $5000 Peoples' Choice Award will be given to the fans' favorite invention . Voting will be by text messaging or via the InVenture Prize website.
In the Final Round, the expert judges will meet the inventors on stage before a live audience and an audience of both television and internet viewers. . Afterward, judgeswill meet in private to evaluate the inventors on the 5 criteria. A score will be assigned to each category for each invention. The sum total score will be assigned and the winner and runner-up selected. The judges, all successful business people, mayconsider more holistic criteria to determine if your invention merits investment by The InVenture Prize. For example, they may ask broader questions such as "What would winning (or losing) The InVenture Prize competition mean to you?"
Prizes: $15,000 will be awarded to the first place winner and $10,000 will be awarded to the second place winner. Winners may be teams or individuals. In addition, Georgia Tech Research Corporation (GTRC) will engage patent counsel to work with the winners to review the invention for patentability as well as prepare and file a United States Patent application, if applicable. GTRC will pay for the associated fees. The finalists and winners will be promoted at Georgia Tech events, online, in the student paper and other GT publications and around campus. Additionally, winners will have access to free business services such as legal or patent services (including the aforementioned free patent filing courtesy of the Georgia Tech Office of Technology Licensing), market vetting, and opportunities for raising capital etc.
Georgia Tech graduates Craig Forest and David Moeller audition for the reality show American Inventor in New York City in April 2007.
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