Patent ID: 8473384

Claim:
A system for fostering technological innovation utilizing a competitive format, the system comprising: a processor; a memory in communication with the processor, the memory configured to store processor executable instructions and wherein the processor executable instructions are configured to: receive, via a communications interface coupled to the processor, a registration request from a competitor directed to a contest entity organized to achieve a desired goal; perform, in response to the registration request, a registration process on the competitor, wherein the registration process verifies at least information provided via the registration request; receive, via the communications interface, confirmation from the contest entity that an agreement between the competitor and a financing entity is created based on the registration process verification, wherein a compensation obligation exists from the competitor to the financing entity, and wherein the financing entity is established to finance a prize associated with the contest entity; communicate, via the communications interface, an acknowledgment to the competitor that the compensation obligation exists between the contest entity and the competitor; generate, using the processor and the memory, a financial instrument guaranteed by the financing entity in response to the received confirmation; communicate, via the communications interface, the financial instrument to the contest entity in response to the received confirmation; receive and store in a database, using the processor, a claim of contest completion by a competitor and related claim data in order to validate the claim of contest completion; and provide the competitor with the financial instrument as a result of utilizing the competitive format, via the communications interface, wherein the financial instrument provides funding to compete for the prize.