There Has to Be Another Way

3. Innovation Contests

Sometimes an idea in the head is worth money in the hand, especially if you win an invention or innovation contest. One to consider is the Intellectual Property Owners Association award, which provides $5,000 to one inventor each year. Nominations are typically due in early spring and winners announced in June every year. Eligible entries must have originated in the United States, be covered by a U.S. patent or have been made commercially available since the beginning of 1996.

Hot Opportunities

  • The Chrysler Design Award gives six $10,000 grants to winners in the following categories: urban design, graphic design, landscaping, architecture, new media and fashion. The competition looks at the breadth of work of designers who have consistently been on the cutting edge of their respective fields. A nominating committee selects candidates. For more information, contact Vikki Hardy at (248) 262-8700.
  • The Lemelson-MIT Awards offers $500,000 to an individual, $30,000 to a student and $30,000 to a student team with a patent that has the potential to make a significant impact on society. This is a nomination process only. Interested individuals can approach a relevant professional organization in the fields of science, engineering, medicine or business as well as regional inventors groups to secure a nomination.

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the July 2000 print edition of Entrepreneur with the headline: There Has to Be Another Way.

Loading the player ...

Shark Tank's Daymond John on Lessons From His Worst Mistakes

Ads by Google

Share Your Thoughts

Connect with Entrepreneur

Most Shared Stories