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One of the biggest barriers to bringing innovation to the medical field is summed up in the “inventor’s dilemma”: not only must the invention or product improve health outcomes, it must produce a healthy return on investment for investors as well, according to a recent article in the Journal of the American Medical Association, and a RAND Health report.
One of their proposed solutions is the use of prizes to encourage creative innovations. The University of Pittsburgh’s Center for Behavioral Health and Smart Technology has announced a national completion with a grand prize of up to $10,000 and an opportunity for finalists to “pitch” their idea in front of medical professionals, venture capitalists, and entrepreneurs.
Adults 18 or older and teams entering the contest should submit a three-minute, narrated power point presentation that describes their idea and how it addresses the “inventor’s dilemma.”
Up to five finalists will receive a $2,500 prize, along with paid travel and accommodations to Pittsburgh. The winner will receive an additional prize of $7,500.
Round one began July 20, and ends August 30; the winner will be announced at an awards reception November 10, 016. More information and submission details are available at https://www.healthtech.pitt.edu/contest2016/.
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