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Best Buy Launches College Innovator Fund for 'Next Big Idea'

The company announced it was looking for consumers who have created a product service or piece of software that "may change the way we interact with the world around us."

Editor's Note: The following is a Best Buy press release.

Best Buy today announced the launch of its College Innovator Fund - a national search to find, mentor and advance the next big ideas in the areas of technology, sustainability, education or a related field. Best Buy is looking for consumers that have created a product, service or piece of software that may change the way we interact with the world around us. Now through August 14, 2012, participants can submit a two-minute video on the Best Buy Facebook page describing their innovation for a chance to win one of four cash prizes totaling $100,000 to bring their idea to life.

"At Best Buy we understand the impact that technology and entrepreneurialism can have on our society," said Stephen Gillett, President, Best Buy Digital, Global Marketing & Strategy. "Students are often at the helm of this forward thinking so what better time to provide a national platform to help them introduce and support these ideas than during the back to campus season. Through Best Buy's College Innovator Fund we are uncovering the next generation of innovators that will advance and improve the way we connect with the world around us."

How it Works:
· Starting today, consumers can go to Best Buy's Facebook page and submit a two-minute video describing their idea.* Submissions will be accepted through August 14, 2012.
· A select panel of judges will narrow the entries down to 10 finalists. The grand prize and runner-up winners will be selected by the following panel of judges:

  • Stephen Gillett,  President, Best Buy Digital, Global Marketing & Strategy
  • Tim Westergren, Founder and Chief Strategy Officer, Pandora
  • Jessica Matthews, co-creator of Soccket
  • Julia Silverman, co-creator of Soccket
  • Meredith Perry, founder of uBeam

- On August 17, Best Buy will announce the top 10 College Innovator Fund finalists that will move on to consumer voting for a chance to win the Fan Favorite spot. Voting ends on September 7.
- The four winners will be revealed nationally the week of September 17:

  • One grand prize - $50,000 cash prize plus mentorship opportunity with Best Buy Exclusive Brands
  • Two runners-up - $20,000 cash prize each
  • Fan favorite - $10,000 cash prize

For more information on the College Innovator Fund and to read the Official Rules, please visit http://apps.facebook.com/collegeinnovatorfund.

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