Start-ups from Singapore are now invited to participate in Cisco's Internet of Things (IoT) Innovation Grand Challenge, a global open competition for start-ups in hopes of accelerating the growth of IoT.
Three winners from the challenge will share the US$250,000 prize money that can be used to jumpstart their business to contribute to the IoT industry.
According to Cisco's research, over 50 billion devices will be connected to the Internet by 2020. This creates opportunities for IoT to transform business by re-inventing business processes, operational efficiencies and customer service innovations.
Understanding this, the competition aims to support the next generation of entrepreneurs and start-ups that are developing technologies in areas of applications, analytics, management and connectivity.
Participants from Singapore will be mentored by a team from Cisco's Enabling Platform Innovation Centre (EPIC), a centre designed to showcase innovative technologies in Asia to Cisco's customers and partners in the region. They will receive training and access to business expertise for their ideas to ensure that they have best possible chance in the global competition.
The EPIC team will also work with the start-ups to jointly develop and market any interesting conceived. Participants will not need to worry about intellectual property rights to their ideas as they will retain the rights, according to Cisco's press statement.
Ideas that are shortlisted will be showcased at EPIC, which is located at Cisco's regional headquarters in Singapore, and profiled on the Cisco Developer Network.
Entries for the Internet of Things Innovation Grand Challenge can be submitted at www.cisco.com/go/iotchallenge . Winners of the competition will be announced at Cisco's 2014 Internet of Things World Forum in Chicago. Winning ideas will be featured on the Grand Challenge and Cisco.com websites to aid winners in securing potential investment and partnering opportunities in the future.
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