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: Who can enter the competition?
A: “Invent Your Future!” is open to three categories of participants:
- High school and college students (graduate or undergraduate) and faculty, or any team combination of students and/or faculty members
- Individual entrepreneurs, or any team of entrepreneurs with no company formed to date
- Early stage companies, defined as:
- Company must be three years or younger at time of registration
- Cumulative revenues and/or funding from grants, angels, or VC’s not to exceed $250,000
- Invention must not be currently offered in the marketplace
All participants will compete against each other in one class.
Q: If I participated in, or won any previous year's "Invent Your Future!" competition, can I still participate this year?
A: Yes, assuming you still meet the eligibility requirements mentioned above.
Q: Is the competition open to inventions from any field?
A: Yes! The competition is open to showcase inventions from any field, whether it be biochemistry, polymers, nanotech, biotech, health care, consumer goods, athletics…the sky is the 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, or invented a new software program that systematically pinpoints the best places around town for vending machines based on traffic patterns and spending habits, 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: What is the judging criteria?
A: Contestants will be judged on the following:
- Technical merit (15 Points) – Is the invention based on sound scientific/technical principles? Are the technical objectives realistic? Is the proposed technology important to the field?
- Innovativeness (25 Points) – Is the invention unique? Do existing products or technologies serve the same outcome? Is the technology a modification of existing technology?
- Marketability (15 Points) – Does the invention offer significant advantages over current technology or products? Has the team identified their market and are they addressing a need?
- Feasibility (15 Points) – Has the team outlined a means of brining their invention to a marketable state? Is a development plan outlined, and is it realistic?
- Written Executive Summary (10 Points)
- Oral Presentation (20 Points)
- Total = 100 points possible
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 on the entry form to participate in the competition, acknowledging that other finalists, judges, media, and audience members will not be required to sign any nondisclosure agreements.
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. Your written summary and oral presentation should explain to the judges what your invention is, not how it works.
Q: I still have more questions, who can I contact?
A: Call Christian Corral at 601-879-4252 or emailchristian.corral@noetictechnologies.com or visit:
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