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One Way to Create the Fastest Internet in the World |
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November 23, 2011
Dangle $300,000 in front of nerdy entrepreneurs and students and most likely you will get what you are looking for.
In this case, a mix of local and national investors partnered with Gig City to offer cash and prizes to those who can tackle one of the biggest problems of Tennessee’s fourth largest city. Residents of Chattanooga are spending over $300 per month for gigabit service. Outrageous. Especially considering in comparison to those in South Korea who pay on average $27 a month.
(Side note: By the end of 2012, South Korea is hoping to have every home connected to the internet at speed of one gigabit per second. – more than 200 times as fast as the average household connection in the United States.)
Gig Tank isn’t setting out to fix this problem, but rather wants to afford those in the field an opportunity to take advantage of the gigabit network, which is still considered unaffordable and in most cases unavailable. Hopefully this incentive will help build and design high-speed applications and businesses.
The program, “Geek Hunt,” runs from May to August 2012. Ten teams of entrepreneurs will be given $15,000 to work with. At the end of the program, the team with the best idea will bring home $100,000. Students will not be given any start-up funds, but 10 to 15 will compete for a $50,000 prize.
Not up for the challenge? That’s okay. Gig Tank is also asking you for references via Facebook and Twitter. Tag your technical-savvy friends who might be interested and you could win a $1,000 finder’s fee to anyone whose nominee applies and is chosen.
Get involved! Visit Gig City’s Gig Tank website.
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