GE Launches Energy-Saving Challenge
July 14, 2010 by Tom Taulli, Blogging Stocks
A few years ago, I met up with Matt Greeley, the CEO of Brightidea.
He talked about concepts like crowd-sourcing and how his company's platform would lead the way.
But it hasn't been easy. After all, it can be tough to convince companies to look outside their walls for ideas and innovations. Yet, as the economy gets more competitive, there may be no alternative.
So, as a validation of Greeley's vision, his platform is actually at the core of a major initiative from GE (GE): the Ecomagination Challenge. Basically, this entails a variety of contests to find innovative ideas to improve the electrical grid, such as introducing new clean-tech products. There are $200 million in prizes and GE has teamed up with top-notch investors like Kleiner Perkins Caufield & Byer, Emerald Technology Ventures, Foundation Capital and Rockport Capital. What's more, the judges include famed author Chris Anderson as well as senior executives from GE.
It's a great concept and is likely to be a win-win for entrepreneurs, GE and savvy VCs. Often, connecting these groups can be tough. So why not leverage the power of open platforms?
In fact, GE plans to pump $10 billion in R&D for clean energy technologies over the next five years. And already, the company is getting traction in its efforts. For example, there is the WattStation, which can charge a 24-volt battery in four to six hours. There is also the GE Nucleus home energy monitor.
And as for the Ecomagination Challenge, anyone can make submissions until September 30; the winners will be announced by November 8.
Tom Taulli operates a mobile apps company and is also the author of several books, including the Complete M&A Handbook.
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