San Francisco-Based Nonprofit “Imagine H20″ Launches Water Plan Contest for Entrepreneurs (SanFranciscoBusinessTimes)

May.07, 2009 in Water Industry

(May 6, 2009, The San Francisco Business Times)

In an effort to drive innovation in solving global water problems, a San Francisco nonprofit has launched a business plan competition for breakthrough technologies in water efficiency.

Imagine H2O is offering $50,000 in prizes for winning business plan that includes an Incubator Program.

“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,” said Tamin Pechet, Imagine H2O’s Chairman and Executive director in a news release.

Pechet, a venture capitalist, helped start the organization at Harvard Business School in 2007. He points out that less than 1 percent of venture capital investments go to water-focused companies.

“The struggle for clean water is the challenge of our time,” Pechet said. “We’re entrepreneurs, so to us, that means it’s our greatest opportunity.”

The competition’s first prize will go to companies focused on water efficiency in farming, commercial, industrial or residential applications. Those could include water demand reduction, improved water use, and water recycling or reuse. Applications will be accepted starting in September and winners will be announced at an event in early 2010. The prize is not restricted by geography.

Imagine H2O’s financial backers include RBC, the Full Circle Fund, Cooley Godward Kronish and other private foundations. It’s supported by the San Francisco Public Utilities Commission, the National Water Research Institute, Babson College and Publicis in the West plus others.

(Original Article Here)