Cisco reignites I-Prize innovation contest

Winners have a chance at $250K, $10M in funding

Cisco is kicking off its second I-Prize innovation contest after a successful launch a year ago. Contestants from around will be eligible for $250,000 in prize money and $10 million in funding from Cisco if their business plan has the potential to make billions for Cisco.

Last year saw a team from Germany win the grand prize with a business plan that pitched home energy efficiency through smart grid technology. Shortly thereafter, Cisco announced its smart grid and smart connected buildings initiatives.

This year's contest was announced at the Dow Jones VentureWire Technology Showcase, according to this Wall Street Journal blog post. Last year saw 2,500 entrants from 104 countries without any advertising or marketing.

This year, Cisco expects even more entrants, with winners to be announced as early as next Spring.

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Jim Duffy has been covering technology for over 28 years, 23 at Network World. He covers enterprise networking infrastructure, including routers and switches. He also writes The Cisco Connection blog and can be reached on Twitter @Jim_Duffy and at jduffy@nww.com.