The goals of the $50,000 prize are to provide seed capital and publicity for great ideas with market potential.
Entries are judged according to three main criteria:
1. How innovative is the idea?
2. What is the potential impact if the idea becomes a successful invention?
3. Does the invention have market credibility?
Individuals and companies with inventions that have less than $500,000 in outside investment,* and that will remain in Florida for at least one year after the Prize is awarded, are eligible to enter.
*”Outside investment” is funding from investors. This does not include grants, personal funds, or loans from friends and family.