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Intel CEO on Innovation Economy

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Paul Otellini, Intel Corporation President and CEO, recently mentioned that innovation and investments in information and communications technology (ICT) will accelerate economic recovery and jobs growth worldwide, while addressing a gathering at the World Congress on IT in Amsterdam. Otellini also unveiled new Intel investments in education, and announced the 2010 Intel Challenge for a new generation of entrepreneurs-in-training.

In order to reach demand of world's innovation pipeline and prepare the next generation of entrepreneurs, Otellini announced the 2010 Intel Challenge, a competition that will provide prize money for the best business plans submitted by university students to help turn their ideas into entrepreneurial ventures. Judgement of the business plans are to check on their potential for positive societal impact and return to investors through the commercialization of new technologies in areas such as semiconductors, mobile and wireless, nanotechnology and life sciences. Entries will be drawn from a network of universities, including more than 150 colleges offering entrepreneurship classes led by professors trained by Intel through an innovation-focused curriculum. Participants will compete for $150,000 in prize money, and will receive mentoring throughout the competition from leaders in the entrepreneur community. Intel expects that the annual competition will receive more than 10,000 business plan entries over the next 3 years. Winners will compete in the Intel + Berkeley Technology Entrepreneurship Challenge at the University of California in November.

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