RANCHO CUCAMONGA, Calif. (8/5/13)--Round One applications for the CO-OP THINK Prize 14 are due Oct. 15, CO-OP Financial Services said Thursday. Entrants will be eligible for the $10,000 grand prize sponsored by MasterCard.
"The purpose of the CO-OP THINK Prize competition is to inspire innovative solutions to issues facing the credit union movement," said Stan Hollen, CO-OP Financial Services president/CEO. "We encourage everyone to consider entering, for their own professional development, to make their credit unions better, to help our industry, and perhaps to win a nice sum of money."
The solutions put forward in the competition can take any form--such as an innovative application of technology, a new process for back office efficiency or a fresh approach to industry advertising and marketing. Although the ideas can vary widely, the entries are judged based on four main standards--impact, creativity, aggregation (the application of the idea across the industry) and implementation (the ability to be adopted).
For CO-OP THINK Prize 14, red letter dates are:
- Oct. 15--Deadline to complete an on-line entry application;
- Nov. 15--On or about this date semi-finalists will be notified, and invited to produce a detailed business plan;
- Dec. 18--Semi-finalist business plans are due;
- Feb. 15--Three finalists will be notified on or about this date; and
- May 19--The CO-OP THINK Prize 14 winner is announced at the THINK 14 Conference in New Orleans.
Judges from CO-OP Financial Services and an industry panel select 25 semi-finalists and the three finalists.