Lockheed Martin will award up to $50,000 in total cash prizes for its new worldwide innovation contest, the company announced Monday.
Through the Innovate the Future contest, participants can submit ideas on topics including sustainable energy, cybersecurity and healthcare.
“We are creating an online environment that helps people with diverse backgrounds and experiences share their ideas,” Chief Technology Officer Ray Johnson said in a release.
Johnson, also a senior vice president, said the company has helped humans make their first attempts at flight, create air traffic control systems and taken humans into space during its 100-year history.
From Aug. 6 to Sept. 30, the company will receive ideas through an online submission form.
A committee comprised of company employees and at least one independent third party will select five ideas for cash awards.
There will be up to one $25,000 grand prize, one $10,000 second place prize and three $5,000 third place prizes.
The grand prize winner will also receive an incubation contract with the Maryland Technology Enterprise Institute at the University of Maryland to help develop his or her idea.