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Venture capital firms consider invention contests

Facing down stiff competition to win fame and big prize money? Forget singing for Simon Cowell and Paula Abdul. Try sequencing DNA for a panel of technology investors.

Yes, something like an "American Idol" for the technorati may be coming to Silicon Valley.

Venture capital firms are considering contests that offer competing engineers and entrepreneurs multimillion-dollar prize purses if they come up with innovative technologies in various industries.

The idea is to spur innovation and give the venture firms a chance to see prospective technologies and business plans ahead of other venture investors, said Wes Raffel, a partner with Advanced Technology Partners http://www.atvcapital.com/index.php.

By MATT RICHTEL
THE NEW YORK TIMES

Full Story: http://seattlepi.nwsource.com/business/304101_vcprizes17.html

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