GE has announced a $10 million funding initiative to help find, fund and bring to market technological innovations that help the company reduce its carbon footprint.


The company’s first Australian ecomagination Challenge is an open invitation competition that calls on businesses, entrepreneurs and students to submit concepts for low carbon solutions and technologies.


Selection of five $100,000 Innovation Award winners will be based on the most progressive ideas that represent entrepreneurship and innovation around technologies, processes and business models. In addition, GE and its Challenge partners will seek to pursue commercial relationships with promising Challenge entrants.


Leading Australian & New Zealand venture capital firms including Southern Cross Venture Partners, MH Carnegie & Co, Cleantech Ventures, CVC Limited and Greenhouse Cleantech are supporting the open innovation Challenge.


The Federal Government has welcomed the initiative, with Minister for Industry and Innovation, Greg Combet, saying that the move is a welcome addition to the country’s ongoing push for carbon reduction in industry.


"GE's ecomagination Challenge demonstrates that big business also recognises the importance of innovation, not only to meet the needs of a low carbon future, but also as a way to improve business competitiveness and productivity," Mr Combet said.


Submissions can be made here