$50,000 Prize Offered for Next Big High Tech Idea
PAEONIAN SPRINGS, Va., June 2, 2011 /PRNewswire/ — A new opportunity has emerged for the technically inclined, especially students who may be graduating college and wondering, “what’s next?” Starlight Technology Transfer, Inc. (Starlight) has announced a $50,000 cash prize for a submission of the most promising new high-tech business idea. The company is interested in proposals from any number of disciplines, including robotics, artificial intelligence, green technology, secure and robust web technology, mission-critical smart energy grid technology, mobile applications, cloud computing, business analytics, and aerospace. The “Starlight Tech Prize” opens for proposals starting today, June 2, 2011 and will close submissions on July 29, 2011.
On the heels of President Obama’s call to out-innovate, out-educate, out-build the rest of the world, the founders of the Starlight Tech Prize have responded with a new and improved form of ‘angel investing.’ The innovations required to compete in today’s global economy most often come from young people, yet these innovators often face daunting obstacles. For one, they face venture capitalists’ reluctance to fund new ideas until revenue-producing products have already been brought to market, and two, angel investors sometimes provide funding for new ideas, but often leave fledgling entrepreneurs with most of the headaches involved in starting a new company.
The Starlight approach is to team with young entrepreneurs. The company’s experienced entrepreneurs will facilitate development of new and competitive products, while simultaneously mentoring new and competitive generations of American innovators. Prospective winners of the Tech Prize will be offered not only the $50,000 cash award, but will also be given opportunity to propose the terms of a teaming agreement as well as employment with the company.
“We know what it’s like to have a great idea, but lack the resources to get it off the ground,” said Starlight founder and successful entrepreneur, Jack Beavers. “With this prize as a beginning, our company intends to become an incubator for new American businesses. Over time we hope to gather many good ideas from creative young minds and translate them into jobs for our community. We believe the 2011 Starlight Tech Prize is only a beginning — a first step toward creating a number of new businesses. As a long-term objective, we’d be delighted if we can find ways to create high tech jobs and bring manufacturing jobs back to America.”
Trained as a mechanical engineer (MSME) and computer scientist, Mr. Beavers saw the need for writing ‘modular’ software well before ‘object oriented programming’ became the rage. During the 1990′s his ability to create a new flavor of graphical user interface design brought the first modern Air Traffic Control displays into production long before larger companies succeeded. His approach to application of artificial intelligence for correlation of cyber security events took the field of computer security monitoring and management to a new level at the beginning of the last decade. This approach was incorporated into a software product that was acquired by Symantec Corporation in 2002.
Proposals submitted for the Starlight Tech Prize will be evaluated by a board of advisors recruited from industry, including CEO’s, marketing specialists, and engineers. Among other selection criteria, contest judges will be looking for an idea that can be grown into a $50 million dollar business within five years. Additional criteria will include the potential for social benefit, and job creation, and environmental responsibility.
SOURCE Starlight Technology Transfer, Inc.