WASHINGTON, May 3 (UPI) — The U.S. Department of Commerce has announced a $12 million innovation competition designed to drive technology commercialization and entrepreneurship.
The Commerce Department Office of Innovation and Entrepreneurship and its Economic Development Administration said the “i6 Challenge” will be held in partnership with the National Institutes of Health and the National Science Foundation.
Officials said up to $1 million will be awarded to each of six U.S. teams with the most innovative ideas. The NIH and NSF will award up to $6 million in additional funding to Small Business Innovation Research grantees associated with winning teams.
“This initiative promotes the priorities of the Obama administration by driving innovation and entrepreneurship and cultivating strong public-private partnerships,” U.S. Commerce Secretary Gary Locke said. “The i6 Challenge is an exciting opportunity to highlight some of the nation’s best minds that are helping to move ideas from the lab into the marketplace.”
The deadline for entrepreneurs, investors, universities, foundations and non-profit organizations to submit applications is July 15.
More information is available at www.eda.gov/i6.
Copyright 2010 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI’s prior written consent.