Have a bright idea? You could get $25,000 from Lockheed-Martin

Lockheed Martin wants to crowdsource the “next big thing”

Contests and challenges are all the rage and wanting to jump on that intellectual capital bandwagon, Lockheed Martin today announced the "Innovate the Future" contest that could net one person $25,000 for a really cool idea that could impact anything from cybersecurity to healthcare systems.

To enter the contest, participants must complete a brief submission form from August 6 to September 30, 2012 here.  Up to five ideas will be selected for cash awards by a committee made up[ of Lockheed Martin employees and at least one independent third party, the company stated.   Finalists will be notified and asked to deliver a presentation to an executive review board after the submission period concludes.

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Lockheed said there will be one $25,000 grand prize, one $10,000 second place prize, and three $5,000 third place prizes.

The grand prize winner will also receive an incubation contract with the Maryland Technology Enterprise Institute at the University of Maryland to help validate and develop the idea.

Lockheed said winners based upon the following criteria:

•Impact (weight of evaluation criterion: 40%)

1.Addresses a critical global security issue

2.Illustrates how value will be captured in a business plan focused on profitable growth, affordability and/or reliability

3.Details how and when the idea achieves financial sustainability.

  • Creativity (weight of evaluation criterion: 40%)1.Offers a novel technology, process or service against the global security issue selected

2.Demonstrates suitability of the proposed solution for its intended; customer(s).

  • Expression (weight of evaluation criterion: 20%)

1.Clearly and concisely articulates the benefits of this idea over existing systems, methods, or processes

2.Compels through a story that envisions the future (or "to be") state arising from this idea.

The idea of using a public forum to come up with technical advances is not new but has regained tons of interest in the past couple years.  NASA and other government agencies have their challenges down to an art.  One of the pioneers in the challenge arena is the X Prize Foundation.  Last year it  showed a top eight list of key challenges that could end up being public competitions in the coming months or years.  The eight concepts or challenges included:

1. Water ("Super 'Brita' Water Prize") - Develop a technology to solve the world's number one cause of death: Lack of safe drinking water.

2. Personal Health Monitoring System ("OnStar for the Body Prize") - Develop and demonstrate a system which continuously monitors an individual's personal health-related data leading to early detection of disease or illness.

3. Energy & Water from Waste - Create and demonstrate a technology that generates off-grid water and energy for a small village derived from human and organic waste.

4. Around The World Ocean Survey - Create an autonomous underwater vehicle that can circumnavigate the world's oceans, gathering data each step of the way.

5. Transforming Parentless Youth - Dramatically and positively change the outcome for significantly at risk foster children, reducing the number of incarcerations and unemployment rate by fifty-percent or more.

6. Brain-Computer Interface ("Mind over Matter") - Enable high function, minimally invasive brain to computer interfaces that can turn thought into action.

7. Wireless Power Transmission - Wireless transmission of electricity over distances greater than 200 miles while losing less than two percent of the electricity during the transmission.

8. Ultra-Fast Point-To-Point Travel - Design and fly the world's fastest point-to-point passenger travel system.

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