Florida universities collectively conduct over $1B in research each year. MegaWatt Ventures, an annual clean energy business competition that focuses on Florida and the southeast, plans to tap into the expertise and intellectual property of our universities as a source of promising renewable energy technologies to commercialize. The event, sponsored by the U.S. Department of Energy and several energy corporations, provides the ideal showcase for college and technology entrepreneurs across the state to compete for funding to launch their innovative energy ventures that have the potential to create new jobs and help solve today’s global energy issues.

   According to Andrea Wesser, Program Co-Manager, “MegaWatt Ventures is an exciting forum for renewable energy innovation and commercialization in our state. We are seeing tremendous growth in collaborations across the state, as well as a rise in educating scientific researchers, such as graduate students, on basic business principles.” Megawatt Ventures is encouraging the commercialization of a wide range of technologies from across Florida. For instance, there are teams collaborating from the University of Florida and the University of Central Florida on solid oxide fuel cell technologies, while another team from Florida Atlantic University is working with Gainesville entrepreneurs on a revolutionary wave energy design.
    “Our goal is to foster entrepreneurship along with technology development,” explains Jack Henkel, Program Co-Manager. “In addition to the prototype funding, we want to provide technology entrepreneurs with the invaluable support to help develop the tools and abilities needed to create successful renewable energy companies.”
   Interested teams are asked to submit a proposal of an innovative energy technology venture. Ten applicants will be selected by a panel of seasoned venture capitalists, technology experts, and industry veterans to compete for the $100K grand prize to launch their new company, as well as attend the National Research Energy Laboratory’s (NREL) Industry Growth Forum in October in Denver, Colorado with their newly attained investor pitching skill set. The top ten teams will be announced in mid-April and will begin preparing for the final competition event, scheduled for Friday, September 2nd through 3rd in Central Florida.
   The ten finalist teams will each receive $10K in funds, be assigned professional mentors, and gain access to business workshops that will help to develop a commercially viable product prototype and business plan. This includes coaching on business plans and strategy, presenting a technical concept to potential investors and education on additional funding sources available, such as federal SBIR grants. These resources will provide young entrepreneurs and their companies’ with unique opportunities to which few technical start-ups enjoy.
    The teams will have access to an impressive network of business mentors that include corporate executives from companies such as Siemens, Progress Energy and OUC, as well as nationally recognized venture capitalists from Kleiner Perkins, Arch Ventures and other notable firms. To further assist in the success of the company, a technical mentor network of veteran product engineers and developers with 20+ years of experience will advise teams on delivering a working demonstration of their prototypes for the competition.
    The deadline to enter the competition is Friday, March 11, 2011 by 5pm. Teams can apply online at www.megawattventures.com and will be required to upload a three-page executive summary of the proposed energy efficient business idea along with other supporting documents. Teams may consist of a blend of at least one Florida university student, along with entrepreneurs, experienced business professionals, engineers, or scientists. Additional information on project categories, the application process, as well as eligibility details can be found online at www.megawattventures.com.
MegaWatt Ventures
MegaWatt Ventures is an annual clean energy business plan competition that is sponsored by the U.S. Department of Energy in conjunction with Florida’s universities. The competition has an over-riding mission of encouraging the commercialization of innovative energy-related technologies from the lab bench into the marketplace. Students, entrepreneurs and faculty are all invited to participate in this exciting program that brings innovation, entrepreneurship and the energy industry together to create new ventures that have the potential to create new jobs and help solve today’s global energy issues. For more information, please visit www.megawattventures.com or call 407-882-0594.