The Indiana University Kelley School of Business and School of Informatics are collaborating in a competition to create new technology and encourage innovation.
Students will create a business plan for a company focused on Internet and software technology. The winning entrants will receive a portion of what the university is touting as the largest student prize for software research. The entire $1.1 million fund will be divided over four years.
Informatics and Computing Dean Bobby Schnabel says the goal however is to continue the competition for longer than that.
“I’m quite confident given the relative success we’ve had in getting that investment that as long as this works well that we would be able to continue to get investment from people,” he said.
The first place prize will range from $100,000 to $250,000 each year. The money for the prizes is coming from ten investors and IU’s Research and Technology Corporation.
The university will receive ten percent of the equity from the businesses. This money will be reinvested in the Kelley School and the School of Informatics.
“Generally, when one gets revenues like that they go either into student scholarships, which I think would be the most suitable thing or the most appropriate thing do to here or to developing programs or to bringing in outstanding faculty and supporting them,” Schnabel said.
The BEST project is open to seniors and graduate students on the Bloomington campus.