GE Announces Innovation Challenge

GE announced a global, innovation challenge today that will pledge $200 million toward new ideas to create a cleaner and more efficient electric grid. “We want to jump-start new ideas and deploy them on a scale that will modernize the electrical grid around the world,” said Jeffrey Immelt, GE’s CEO and chairman. The GE ecomagination Challenge is a joint investment with venture-capital partners Emerald Technology Venture, Foundation Capital, Kleiner Perkins Caulfield & Byers, and RockPort Capital, as well as a collaboration with Wired magazine Editor in Chief Chris Anderson. Entrants can submit ideas for the next 10 weeks at ecomagination.com in three categories: Renewables, Grid, and Eco Homes/Buildings. There will be five, $100,000 innovation challenge award winners chosen by an independent panel. Entrants will also be competing for the possibility of a future commercial relationship with GE, which will include access to funding and infrastructure, cooperation with GE businesses, and partnership opportunities. The public can comment and show support for entries on the program’s website.