Cisco in search of billion-dollar business idea

SAN JOSE, Calif.: Cisco, on Wednesday announced the launch of the second I-Prize contest, an open global innovation competition in which entrepreneurs worldwide can collaborate and submit their proposals with the potential to be Cisco's next billion-dollar business idea.

Following last year's competition, which drew nearly 2,500 entrants, this year the participants would have access to an expanded portfolio of Cisco collaboration solutions to build on as they share their ideas with other participants around the world. The winning team would be eligible for $250,000 in prize money, said a press release.

The idea submissions should fall into one of four categories which include:

The future of work: Use the power of the network to bring together customers, suppliers and associates to propose solutions that will change the way companies and organizations do business.

The connected life: Describe technological advancements that will dramatically improve living conditions and culture. This category will require people to envision a life of seamless connectivity.

New ways to learn: Create innovative solutions that will transform when, where and how people learn and educate.

The future of entertainment: Devise next-generation solutions that will change how people play.

I-Prize contest participants would have access to the Cisco's few collaboration solutions, which can help break down communication barriers associated with global innovation, the release said.

The participants would also enjoy access to a unique management platform, powered by Spigit, which enables participants to buy and sell ideas on an open market.

"The Cisco I-Prize competition has been very successful in helping Cisco generate new business ideas from all over the world across a number of exciting industries," said Marthin De Beer, senior vice president, Cisco Emerging Technologies Business Group.

He added, "With this year's contest, we will increase effectiveness and speed of innovation for participants by using new forms of video collaboration solutions to break down the barriers associated with distance and time, a critical step in evolving global innovation models."

The idea market lets contest participants establish the value of their ideas through trades. Shares of ideas are purchased with virtual currency awarded to participants based on the value of their contributions on the platform, the release said.

Entries would be evaluated according to the judging criteria outlined in the terms and conditions, including an entry's technological innovation and business. All submissions must use the IP network as a platform.

For more information on this contest visit http://www.cisco.com/iprize.