Tuesday, November 1, 2011

Intel $100K Entrepreneurship Competition

Submitted by Leah Rose

For the first time in history,18–24 year-olds are empowered to change the future through technology. Intel will support this bright, young generation by developing a platform inside Facebook that connects young people with new technology ideas to young people who like technology ideas. Every month, the Facebook community will help decide which young entrepreneurs deserve to receive up to $100,000 from Intel to help bring their innovative ideas to life.

The Platform

Any 18-24 year-old* on Facebook can submit an Idea, and anyone on Facebook can post a Seed.
- Ideas are game-changing businesses or concepts powered by technology.
- Seeds are spontaneous thoughts or inspirations about innovation for the community to share, shape and potentially evolve into Ideas.
Fans can interact with Ideas and Seeds usin  standard Facebook engagement tools (share, Like, comment, answer polls, etc.). As they do, Fans earn badges and Social Capital, the platform’s virtual currency.

The Pitch Room

At the beginning of each month, a selection panel will pick the 20 best Ideas from the Idea Feed (the streaming display of new Ideas - above). These top Ideas will be featured in the Pitch Room, where Fans can invest their earned Social Capital in their favorite Ideas. At the end of the month the five Ideas with the most Social Capital are deemed Finalists and move on to compete for $100,000 in the Battleground. * Must be a legal resident and reside in the U.S.

The Battleground

In the Battleground, each Finalist will be given five minutes to present their idea to an expert panel consisting of prominent VCs, industry executives, technology entrepreneurs and the top Social Capitalist of the month. The panel will determine which Innovator is awarded $50,000. The top Social Capitalist then decides how an additional $50,000 is awarded: To the winning Innovator or to one of the other four Finalists in the Battleground. The Battleground will be streamed live on the Platform to the Facebook community, and then posted to Intel’s YouTube channel.

The Innovation Cycle Repeats

The program starts again at the beginning of each month. Fans will invest in the top 20 Ideas to determine the top five Innovators and Intel will ultimately give away up to $100,000. Submissions begin November 7, 2011. To learn more, check out the Intel Innovators tab on Intel’s Facebook page: http://intel.ly/romF3n

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