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Win $1 Million With Innovative Ideas

innovationsBrilliant minds can now team up to compete in the i6 Challenge to win million-dollar prizes awarded by the Department of Commerce’s Office of Innovation and Entrepreneurship and Economic Development Administration.

In partnership with the National Institutes of Health and the National Science Foundation, EDA will award up to $1 million to each of six teams around the country with the most innovative ideas to drive technology commercialization and entrepreneurship. NIH and NSF will award a total of up to $6 million in additional funding to NIH or NSF Small Business Innovation Research grantees associated with winning teams.

“The i6 Challenge is exactly the type of interagency collaboration that can help advance President Obama’s innovation agenda by supporting and rewarding innovative approaches to turning ideas into new products and businesses that help America compete in the global economy,” federal Chief Technology Officer Aneesh Chopra said.

U.S. Commerce Secretary Gary Locke said this initiative promotes the priorities of the Obama administration by driving innovation and entrepreneurship, and cultivating strong public-private partnerships.

“The i6 Challenge is an exciting opportunity to highlight some of the nation’s best minds that are helping to move ideas from the lab into the marketplace,” he said.

Entrepreneurs, investors, universities, foundations, and nonprofits are encouraged to participate in the i6 Challenge. The deadline for applications is July 15, 2010.

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