Intel Corporation (NASDAQ:INTC) is driving its wearable development efforts ahead and accepting participants for the Make it Wearable challenge, promising a $50,000 prize each for ten finalists and another $800,000 for the top three winners. The competition has only just begun, and some audacious new ideas are already pouring in.

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Participants from around the globe

Anyone, including school kids, makers, hackers and modders, can take part in the competition and submit their own ideas. The age restriction for applicants is set at a minimum of 13 years, and they should have received less than $5 million in funding for a project, if any. Intel Corporation (NASDAQ:INTC) will award the top ten entrants with a $50,000 cash price and offer intensive mentoring to help get their ideas off the ground. The top three will receive $500,000, $200,000 and $100,000 respectively, in addition to their already-received $50,000.

Intel Corporation (NASDAQ:INTC)’s competition has invited participants from India, Japan, Singapore, South Korea and Taiwan to design futuristic concepts. The decision made by the judges will be based on technology usage through aesthetics, battery life, security or privacy, and a concept that adds to the company’s vision on innovative tech that is personal, connects and enriches people’s lives.

Earlier competition from Intel

In the Visionary Track competition, which opened previously and ends in June, competitors came up with the ideas of a social environmental monitoring system, photosynthesizing clothes, and a jacket that draws power from the human body.The development track is, however, more astute in its requirements, like requiring entrants to submit their details attached with business case details and incorporating target users, value proposition, market differentiators, and projected business hurdles. Also they need to create a pitch video for the product.

Intel Corporation (NASDAQ:INTC) has long expressed its wish to enter the wearable market to fuel future growth, and  it launched the Quark-embedded processor and maker-oriented Galileo Arduino board to take on the industry giant ARM Holdings plc (ADR) (NASDAQ:ARMH) (LON:ARM).  However, Intel is comparatively weaker in this segment, unlike the desktop and server spaces, in which it is a world leader. The company does have a massive marketing budget though when compared to ARM or its licensees.