The University of Alaska Fairbanks School of Management will award more than $19,000 in cash prizes through its annual Arctic Innovation Competition.
The competition, now in its fourth year, asks entrants to propose new, feasible and potentially profitable ideas. The deadline to submit an entry is 11:59 p.m. on Sept. 21, 2012.
Last year, more than 200 ideas were submitted covering a broad range of subjects. Winning ideas included: a motorized reciprocating file tool; a power-dense marine motor that reduced costs and increased efficiency; and a bathtub assist device to aid the elderly or disabled.
Last year’s $10,000 grand prize winner was duo Billy Koitzsch and Bob Ostrom, with the Hydroheater, a cold-weather hydration system ideal for outdoor enthusiasts that fixes the problem of how to keep hydration tubes from freezing.
“The experience we gained from AIC was incredible and our product is already available online and will soon be available through outdoor magazines and retail stores,” Koitzsch said. “Having a great idea is one thing; turning into a marketable product and presenting it to an audience is something else. With our AIC experience we can now pitch our idea in front of crowds or potential buyers without choking.”
AIC sponsors include Design Alaska, Northrim Bank, Kinross Ft. Knox, Fairbanks Memorial Hospital, Robinson & Associates, GVEA and Doyon, Limited.
The competition is open to the public and there is no entry fee. This year’s competition includes a new junior division for youths 17 and under. Individuals or groups are encouraged to enter and multiple ideas are accepted. After the initial screening process, 20 winners will be selected to receive cash prizes ranging from $100 to $10,000. Finalists will showcase their ideas to judges on Oct. 19 from 5-7 p.m. in the UAF Wood Center ballroom with a reception to follow. The public is encouraged to attend. More information is available at www.arcticinno.com.