Frequently Asked Questions
Q: What is Invent Your Future?
A: IYF is a technology-oriented invention competition showcasing the best and brightest new ideas in the region!
Q: What do you mean “invention competition”? Is this just another business plan competition?
A: No, this is different! We’re not looking for business plans to open a pastry shop or the newest hottest downtown night club. We’re looking for brand new technologies and innovation!
Q: Is the competition open to inventions from any industry?
A: Yes! The competition is open to showcase inventions from any industry, whether it be biochemistry, polymers, nanotech, biotech, health care, consumer goods, athletics…the sky is limit, as long as it involves an invention. Keep in mind, your invention does not necessarily have to be a product.
Q: OK, how exactly are you defining invention for the purposes of the competition?
A: Great question! An invention for our purposes shall be: A new technology that will noticeably change the way things are done, and fulfills a market need in a way no current technology can. For example, we don’t want to see a business plan for setting up vending machines in the best locations around town. But if you’ve invented a brand new type of vending machine that will allow customized orders by having the customer choose what toppings they like on their cheeseburger, then we’re interested!
Q: Is it a requirement that I develop a business plan for my invention?
A: No, it’s not a requirement. However, it is strongly suggested for multiple reasons. A business plan will help you asses and analyze how feasible your invention really is. Additionally, it will help organize and bring focus to your final presentation. It will also get you thinking about marketing your invention, and analyzing potential competition.
Q: Why should I enter?
A: How does $5k first prize, $3k second prize, and $2k third prize sound? In addition, you will have the opportunity to introduce your invention and receive valuable feedback.
Q: How do I enter?
A: Follow this link for the registration form …
Q: What about intellectual property? Do I need to be worried about disclosure?
A: We anticipate that many of the participants will have concerns about the protection of their intellectual property because we will not sign nondisclosure agreements. To limit the liability of judges, organizers, sponsors, and any other individual involved with the event, we will have all participants sign a disclaimer to participate in the competition. Participants must ensure that they have taken the proper steps to protect their intellectual property, especially if it is deemed crucial to the evaluation of the invention or design.
Q: How will prize money be distributed? Are there restrictions as to how the money can be spent?
A: Your winnings will be held in an account with the USM Research Foundation, and must be used for commercializing your invention. As you incur expenses for commercialization (computers, equipment, materials, legal fees, prototype fees, etc.), you will submit receipts to us and you will reimbursed.
Q: I still have more questions, who can I contact?
A: Call Christian Corral @ 412-334-0117 or email christian.corral@noetictechnologies.com