The innogy Innovation Hub and the German Tech Entrepreneurship Center (GTEC), have launched the "Machine Economy Innovators Award" - dubbed the IPRIZE.

The innogy Innovation Hub, which is well known for its work on IoT, smart manufacturing and blockchain, is calling for entrepreneurs and innovators shaping the transition to the machine economy in three categories - society, business and culture - and to lay a strong foundation for developing new machine-powered business models, said a statement.

Carsten Stöcker, Machine Economy Evengelist at Innogy SE, said : "The new Machine Economy is powered by a variety of exponential technologies such as AR/VR, IoT, Autonomous Vehicles, 3D Printing, Blockchain, AI/ML, modern Cryptography or Quantum Computing.

"Successful innovation comes in many shapes and sizes combining new technologies with creative business and social concepts."

In each of the three categories (society, business, culture), one early-stage startup will get seed investment of up to €250.000 as a convertible loan.

The two best individual applicants will be offered a six-month idea incubation to further develop their solutions. That includes free office space, a €2.000 monthly stipend, and access to investors and mentors network of innogy Innovation Hub and GTEC.

Applications for the IPRIZE must be submitted until July 28 through the online platform f6s at The IPRIZE jury will consist of representatives of the innogy Innovation Hub, representatives of GTEC, and of other ecosystem experts. The complete jury will be announced shortly. The IPRIZE will be awarded on September 28 2017 at Tak Theatre in Berlin.