A $50,000 prized is being offered for business plans promising the greatest breakthroughs in the efficient use of water.
The first annual Imagine H2O Prize seeks to encourage entrepreneurs, investors, experts, inventors and academics around the world to focus their energies on water issues.
"What sets this prize apart is our Incubator Program and ‘ecosystem’ for water leaders," said Tamin Pechet, Imagine H2O’s Chairman and Executive Director, who co-founded the organization at Harvard Business School in 2007. "The winners will also receive thousands of dollars in business and legal support and access to a network of partners, customers and financiers to help bring their ideas to market so they can make a real difference."
The competition’s inaugural prize will focus on water efficiency in agriculture, commercial, industrial or residential applications, such as water demand reduction, improved water use, water recycling and/or reuse. Entries will be accepted from anyone in the world beginning in September, and winners will be announced at a showcase event in early 2010. Future years’ competitions will have different prize topics addressing other critical water problems.
Imagine H2O’s vision to create opportunities out of crises is being bolstered by support from the San Francisco Public Utilities Commission, the National Water Research Institute, Babson College and Publicis In The West, among others.
It also has financial backing from the Royal Bank of Canada (NYSE: RY), the Full Circle Fund, Cooley Godward Kronish LLP and other private foundations.
"I applaud Imagine H2O for recognizing the importance of water conservation," said San Francisco Mayor Gavin Newsom. "In a state like California, where we are constantly facing drought restrictions, promoting innovation to more efficiently use water is a must."
Two-thirds of the world’s people may be living in water-stressed conditions by 2025, according to the UN Environment Program.
"Few realize the severity and escalation of water problems in the developed world as well as in developing countries," Pechet said.
According to the EPA, nearly three-quarters of the states in the US will incur water shortages by 2013.
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