Semiconductor manufacturer Intel launched its Intel Innovators program on Facebook on Monday, established to help technology entrepreneurs between 18 and 24 attract the capital necessary to build their ideas into businesses.
Intel is accepting submissions through its Facebook page with $100,000 of seed funding being awarded each month to the top ideas. The submissions are required to have a title of 30 characters or less, be described in 500 words or less and be accomapnied by a 30 second video explaining the idea and its potential for innovation.
At the start of each month 20 of the ideas will be put forward to public voting. The five that get the most online votes throughout the month will give a three minute presentation to a panel made up of staff from Intel’s corporate venturing fund Intel Capital, venture capital firm SV Angel and seed investor Betaworks.
The panel will then choose an Intel Innovator from the five who will receive $50,000 in prize money, while a ‘top fan’ will decide which candidate will receive an additional $50,000. Intel are accepting submissions now and the deadline for the first month is 23rd November. Voting will start on 1st December.