The Obama Administration today announced the third round of the i6 Challenge to promote American innovation, foster entrepreneurship, and increase the commercialization of ideas into viable companies. The $6 million competition seeks to develop Proof of Concept Centers and create a network of experts to support innovators and researchers; spur sustainable startups, small businesses, and new ventures; expand access to capital to fuel growth; connect mentors and education to entrepreneurs; and spark job creation.
Six winning teams will be awarded up to $1 million each for innovative proposals to create and expand Proof of Concept Centers, such as the Deshpande Center for Technological Innovation at the Massachusetts Institute for Technology in Cambridge, Massachusetts. The application deadline is July 20, 2012. Details are available here.
The competition is being led by the U.S. Commerce Department Economic Development Administration’s Office of Innovation and Entrepreneurship in partnership with Commerce’s National Institute of Standards and Technology and U.S. Patent and Trademark Office.