Offering $100,000 prize pool for winning ideas; submit through May 30, 2016
TROY, MI, March 30, 2016 /PRNewswire/ - Although vehicle safety continues to improve, automotive innovation leaders such as Magna International Inc. realize there's no time to rest. Additionally, Magna recognizes that the effort to find the next great safety innovation can come from anyone in any walk of life.
Accordingly, Magna is launching the "Innovation for the Open Road: Safer Mobility for the Future" contest, a competition which challenges the public, inventors, creators and everyday commuters to share their ideas on ways to further improve vehicle safety. Through the public competition, Magna is looking for groundbreaking ideas that it can help bring to the road to create an even safer experience for drivers, passengers and pedestrians.
"Magna has a history of turning ideas into industry standards," said Swamy Kotagiri, Magna Chief Technology Officer. "This contest is a great opportunity for inventive minds to collaborate with us to bring their safety innovations to market."
Participants are required to submit a 500-word essay describing their idea by May 30, 2016, at www.magnachallenge.com. The essay must describe an idea that has the potential to improve vehicle safety. Qualifying submissions will be evaluated by Magna and outside automotive-industry judges, with the top seven entries announced on July 5. Those seven finalists will then pitch their ideas in person on July 27 before a panel of industry leaders and experts at Magna's U.S. headquarters in Troy, Michigan, and will have the chance to win part of a $100,000 prize pool, with the first place winner taking home $50,000.
In recent years, Magna has expanded its innovation activities to include venture-capital investments in technology start-ups, sponsorship of a technology accelerator, collaboration with universities and technical colleges, as well as innovation challenges for students and employees. For instance, the company co-sponsors and works closely with Techstars Mobility, Driven by Detroit, a mentorship-driven technology accelerator company; has held student innovation challenges at the 2015 and 2016 CES tradeshows, as well as the 2015 Frankfurt Motor Show; and engaged its global employee base in company-wide innovation contests.
For additional information on Magna's Innovation for the Open Road: Safer Mobility for the Future contest, including official rules, and terms and conditions, visit http://www.magnachallenge.com. To view the official contest video, visit https://youtu.be/TaWLS-F38Y4
About Magna International
We are a leading global automotive supplier with 305 manufacturing operations and 93 product development, engineering and sales centres in 29 countries. We have over 139,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing. Our product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.
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SOURCE Magna International Inc.