Philadelphia, PA (PRWEB) September 30, 2013
Last year, the GRASP lab at the University of Pennsylvania’s School of Engineering and Applied Science and the Wharton School’s Mack Institute helped take cutting-edge robots out of the lab and into the marketplace through the Y-Prize Competition.
Now, they have now joined forces with crowdsourcing platform Marblar and intellectual property commercialization company IP Group to take the Y-Prize worldwide.
Beginning today, contestants from all over the globe will propose commercial applications for robotic technologies developed by Engineering professors Vijay Kumar, Daniel Koditschek and Mark Yim for a chance to win the ultimate prize, up to 10% of a licensing deal or spinoff created from their idea.
An October 3 kickoff event, to be held at 6:30 pm at Penn’s Wu and Chen auditorium, will be streamed live via Google Hangouts. There, the engineers will provide an inside look at their robots, giving contestants a starting point for brainstorming at Marblar.com.
“We are thrilled to foster the Y-Prize competition once again,” said Saikat Chaudhuri, Mack Institute Executive Director and Adjunct Associate Professor of Management at Wharton. “The Y-Prize is a great example of the Mack Institute’s mission to act as a knowledge hub that unites various disciplines to yield thought leadership as well as applications in innovation management—on campus and across the world.”
Contestants will be able to devise applications centered on three types of robots:
“Seeing how the technology we develop at Penn might have an impact in the real world is immensely gratifying. For example, last year’s winners, IDENTIFIED, proposed using swarms of our aerial robots to sweep for roadside bombs,” said Vijay Kumar, who is also one of the Y-Prize’s co-founders. “I’m very much looking forward to watching this year’s ideas take shape.”
The Y-Prize will take place in two stages. The Research Stage, which will be conducted globally on marblar.com, allows any participant to submit or contribute to an idea for a commercial application of the robots. Once an idea is posted on Marblar’s Y-Prize forum, other contestants can comment on, add to, or help to refine it.
As the Research Stage progresses through brainstorming, technical and market research phases, participants can learn more about the robots and gain insight into their marketability through a series of interactive, web-based discussions, hosted by Penn tech and business experts. These consultants will begin to identify the most promising ideas as they take shape and will award “marbles” to top contributors.
In December 2013, the Penn consultants, along with Penn Engineering and Wharton faculty, will judge the ideas in terms of innovation, feasibility and marketability. The best ideas will move on to the Development Stage.
In this stage, Penn students will form cross-disciplinary teams to develop the best technical concepts leveraging the results of the Research Stage, and craft business plans for commercializing them. Four finalist teams will pitch to a panel of tech industry judges. The winners of this Grand Finale will receive $5,000 and the opportunity to pitch their business plan to IP Group. The other finalist teams will each receive $1,000.
“The Y-Prize is a unique chance for members of the entire Penn community to reach out and develop ideas to bring the University's cutting-edge research to market,” said Y-Prize co-founder David Hsu, Richard A. Sapp Associate Professor of Management at the Wharton School. “By working together on this contest, the Wharton School, Engineering, IP Group, and Marblar will create a powerful and truly international incubator for innovation."
About the Y-Prize
In a cross University collaboration, the University of Pennsylvania announces the Y-Prize competition, in which members of the Penn community compete to propose the best applications for an existing technological solution and compete to win $5000. The event is co-sponsored by the School of Engineering and Applied Science, the Mack Center at the Wharton School, the Center for Technology Transfer, the Weiss Tech House, Wharton Innovation Group, and supported in part by funding from the National Science Foundation. Corporate Sponsors include Lockheed Martin, SRI International, and First Round Capital. More information can be found at the Prize Website: http://yprize.upenn.edu
About the Wharton School
Founded in 1881 as the first collegiate business school, the Wharton School of the University of Pennsylvania is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. With a broad global community and one of the most published business school faculties, Wharton creates economic and social value around the world. The School has 5,000 undergraduate, MBA, executive MBA, and doctoral students; more than 9,000 participants in executive education programs annually and a powerful alumni network of 92,000 graduates.