Well it might be worth a cool million. The US Economic Development Administration (EDA), part of the US Commerce Department, along with the National Institutes of Health and the National Science Foundation bring you the i6 Challenge. The challenge is an innovation competition and winners will be awarded up to $1 million for six innovative ideas that will drive technology commercialization and entrepreneurship. An additional $1 million for each award will be available through the NIH and NSF for Small Business Innovation Research grantees associated with the i6 winners.
Federal CTO Annesh Chopra says 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”.
Eligible applicants are non-profit organizations or a combination of eligible entities that apply jointly for a single award. The EDA is not authorized to provide grants directly to individuals or to for-profit entities. These entities are encouraged to partner with non-profits for participation. Eligible applicants are also not limited to one idea. You may submit multiple ideas each as their own application. Criteria being used for selection will include, merit, feasibility, and impact. Letters of intent are due by June 15, the deadline for applications is July 15, 2010 and they expect to announce the winners in October.