Up to three initial cash prizes (of $10,000 USD each) and a discretionary pool of development funds (of up to $50,000 USD) will be awarded by GE as described below:
Up to three (3) respondents will receive an initial cash prize of $10,000 USD each.
Initial cash prize winners will be eligible to receive additional funding for a six (6) month period (from a total prize pool of up to $50,000 USD) (“Development Award”) to continue further development and/or commercialization of winner’s Entry technology, provided winner enters into the Development Funding Business Relationship with Prize Sponsor including an agreed upon plan for guided funding. Upon completion of the six (6)-month funding period, Prize Sponsor may, at its own discretion and based on the merits of the proposed technology, explore further funding and/or business arrangements.
Additional Developmental Funding:
Allocation of the additional development funding from the discretionary development pool of up to $50,000 USD will be determined based upon, but not limited to, the following considerations: level of commercial readiness, nature of the technology, and experience and expertise.
An agreed upon plan to guide the development funding will be required. The agreed upon guided funding plan will need to define scope, co-development/commercialization objectives, co-development relationship, timeline and deliverables for the six (6)-month funding period, and will also require submission of a final report at the conclusion of the funding period. This final report must summarize results, compare outcomes to the initial proposed results, and, ideally, show proof of concept.
Upon completion of the 6 month funding period, Prize Sponsors may, at their own discretion and based on the merits of the proposed technology, explore funding further development and/or commercialization and/or purchase or licensing of the winning technology.