It's cool to be green these days. GE is the latest corporate to join in the fun and games, pledging A$10 million ($12.9 million) to find, fund and bring to market breakthrough New Zealand and Australian ideas for reducing our carbon footprint.
GE's ecomagination Challenge, in conjunction with five venture capital partners, calls on businesses, entrepreneurs, innovators and students to come up with clever cleantech concepts and real ideas for low carbon solutions and technologies.
“GE is a big supporter of collaborative innovation. With our scale we can take startups and new technologies to new levels, expanding markets and sharing skills to accelerate growth,” says Steve Sargent, president and CEO, GE Australia & New Zealand.
“Australia and New Zealand have bipartisan national targets for renewable energy generation and greenhouse gas reduction, and are both strong markets for great technology that can compete on the world stage."
Fve $100,000 Innovation Award winners will be based on the most progressive ideas that represent entrepreneurship and innovation around technologies, processes and business models, and GE and partners (Southern Cross Venture Partners, MH Carnegie & Co, Cleantech Ventures, CVC Limited and Greenhouse Cleantech) will also seek to "pursue commercial relationships with promising entrants".
GE is stumping up investment capital, as well as expert evaluation of business strategies and opportunities to make use of GE partnerships, infrastructure, and customer relationships.
Submissions are open from now until November 30, with winners to be announced in early 2013.