STRATFORD, Conn., Aug. 20, 2012 /PRNewswire/ -- Sikorsky Innovations, the technology development organization of Sikorsky Aircraft Corp., has initiated its 2nd Entrepreneurial Challenge, expanding on its inaugural challenge that was completed in the spring. The challenge is open to any small company with revenue under $5 million, including newly formed and pre-revenue entities. Submissions are due no later than 5 p.m. EDT on Wednesday, October 10th. Sikorsky Aircraft is a subsidiary of United Technologies Corp. (NYSE:UTX).
The Entrepreneurial Challenge competition is designed to identify and accelerate the development of emerging, revolutionary solutions across all markets that can be applied to, or can leverage, specialized aerospace and rotorcraft markets.
"A key objective with the first Entrepreneurial Challenge was to identify innovative technology concepts we could use. We are very pleased to be interacting with three talented entrepreneurial teams via incubation support. In this next Entrepreneurial Challenge, we are expanding our scope to include complementary and transformational products, processes and business concepts," said Laurence Vigeant-Langlois, Director of Business Development and Technology Partnerships for Sikorsky Innovations.
"We welcome all qualified responses to the 2nd Sikorsky Innovations Entrepreneurial Challenge," Vigeant-Langlois continued. As in the first competition, the 2nd Entrepreneurial Challenge will feature five challenge questions, posted on the Sikorsky.com Web site. Entrepreneurial teams may submit applications to one or more of the questions. Applications will be judged on business potential, feasibility, value proposition, and team expertise.
Vigeant-Langlois said the Entrepreneurial Challenge continues to evolve beyond "pure technology" exploration. "Sikorsky Innovations is inviting small businesses and entrepreneurs that bring a unique perspective and perhaps even a different network than the one with which we are already affiliated. We have an eye toward those innovators who have the potential to be both complementary and transformational to our activities."
"We are looking for the natural win-win opportunities in which we can help a new company with a great idea get going in a business that has a dimension relevant to our company but also to much broader markets," said Sikorsky Innovations Vice President Chris Van Buiten. "We have designed these challenge questions to have the breadth of application broad enough to find these win-wins."
Finalists will be invited this fall to deliver presentations on their proposed solutions to Sikorsky. The winning team will be granted a period of rent-free access to the Stamford Innovation Center, including a portion of the Sikorsky-designated incubation space, shared services within the Center, and participation in the Center's education and mentorship programs. Sikorsky technical and business mentors will assist the team in maturing and growing their business.
Sikorsky Aircraft Corp., based in Stratford, Conn., is a world leader in helicopter design, manufacture, and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high technology products and support services to the aerospace and building systems industries.