In the all-American spirit of competition, Silicon Valley investors are teaming up with California energy companies and universities to reward innovative ideas in the clean-technology sector. The mission of the California Clean Tech Open is to encourage entrepreneurs to develop “technology companies that foster a healthy natural environment” in the region that gave rise to the Dot-Com Revolution not a decade ago.

Contestants submit business plans for startups in categories including energy efficiency, renewable energy, transportation, water management, and “smart” power, which uses computer applications to improve the efficiency of buildings and the electricity grid. Sponsors of the competition include venture capital firms Draper Fisher Jurveston and Kleiner Perkins.

Winners of the competition get a year of support – office space, business advice, publicity, and investment dollars – to turn their concepts into business. Cash prizes include $100,000 for first place and $50,000 for the five runners-up. According to a Reuters article on the competition, “overall, U.S. venture investments in "clean technologies" totaled an estimated $1.18 billion during 2005, according to a study by Ernst & Young/Dow Jones VentureOne.” The Clean-Tech Open is one of many indicators that such investments will continue to escalate.

Photo credit: NREL.gov