A good idea wins $10,000

FAIRBANKS — What’s the hardest thing you’ve ever done for $10,000?

How about coming up with one, simple idea.

The University of Alaska Fairbanks is hoping this will be an easy draw for their Arctic Innovation Competition currently under way. Contestants turn in any idea that can have a business application in hopes of getting a piece of the $20,000 total prize package.

“The purpose is to stimulate people’s creativity,” said UAF School of Management professor Ping Lan. “We want to just give people an incentive to use their creativity to try and stimulate the economy.”

In particular, the idea can be a new product, a way to improve a process of making a business better or anything that can help make the environment more sustainable, Lan said.

Besides the cash prizes, each inventor has the opportunity to work with the UAF’s incubation centers. Here, students and faculty work with the inventor to develop the idea into reality. They come up with business and marketing plans, and prototypes can be developed with the help of engineering students.

“Even if you don’t win any of the $20,000 in prize money, you can still take advantage of the center,” Lan said.

While this may seem like an easy way for the UAF to get patents on new products, ownership of the idea is retained by the inventor, Lan said. Under American patent law, inventors have one year from the announcement of their product to apply for a patent, a process UAF can introduce them to.

“This is part of the UAF community services,” Lan said. “It’s also a way for our students and faculty to participate in a real-world business application.”

At this stage, it is very difficult to know how many ideas can enter the business world through this competition, Lan said. They have had around 50 submissions already, and a few look very promising, he said.

The competition is open to everyone with a government issue ID, and the last submission must be turned in by Oct. 1. To submit an idea, go to www.arcticinno.com.

Contact Todd L. Disher at todd.disher@frontiersman.com or 352-2252.