Got a cool new idea for a wearable device? Intel wants to pay you for your ideas and is currently accepting submissions from anyone above 13 years of age and does not have $5 million. At stake is $5,000 plus a trip for two to San Francisco, California for the best new idea and $500,000 for the best new wearable product.
Intel chief executive Brian Kzranich announced the Make It Wearable Challenge at the International Consumer Electronics Show in Las Vegas in January. The competition, which has a Visionary Track and a Development Track, is currently on its third of five standalone rounds in the Visionary Track and Intel is recruiting individuals from India, Japan, Singapore, South Korea and Taiwan to send in their ideas for a revolutionary breed of wearable technology.
"Visionary ideas feed the pipeline with futuristic thinking. Aim to change the status quo and improve the world in a significant way with your submissions, even if the technology does not yet exist to support the concept. There are no limits, so dream big," says Intel in a statement posted on the Make It Wearable website.
Submissions for the Visionary Track started in February and will last throughout the year. Participants do not have to build a product, only a one-minute video and a 200-word description pitching an idea. One person can enter as many as 10 ideas.
Intel will look at how much potential the proposed ideas have to "disrupt the status quo" and make a positive impact on the world. Intel will announce one winner for each round, with each winner to receive $5,000 and a travel package for two to attend the final presentation of winners in San Francisco. The company will announce the winners from the previous two rounds on Monday, May 5.
Kicking off in July is the Development Track, where participants are required to submit a two-minute video and a proposal of a viable business product. Proposed products must be based on Intel technology and involve clothing or accessories that can be worn or attached to the body.
"The Development Track focuses on concepts that are both excitingly innovative and feasible to execute," says Intel. "Development proposals should demonstrate innovative solutions, creative implementation, technical feasibility, intelligent business planning and potential for long-term success."
Ten teams will advance to the final round, the product development phase where they will receive in $50,000 in funding along with the support of a mentor. Each team will present a product prototype as well as a video of its vision of the high-fidelity product and a business model for selling that product.
Intel will announce winners on January next year. The grand prize winner will receive $500,000 while the second and third placers will get $300,000 and $200,000 respectively.
