Valeo Innovation Challenge Offers $135,000 Prize to Engineering Students
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TROY, MI--Nov. 21, 2013: Valeo is inviting engineering students from across the globe to participate in its Innovation Challenge program for a chance to win $135,0001 (€100,000). Teams of two to five engineering students can enter their bold, revolutionary personal mobility solutions for the society of tomorrow with the goal of designing equipment that will make the car more intelligent and intuitive between now and 2030.
Participants can sign up now at the Valeo Innovation Challenge website at:
For the initial selection rounds, engineering students are to develop and, as a team, submit a project in English. The 20 shortlisted teams will then be asked to create a model in the format of their choice (physical mock-up, application or other). Each team will be given approximately $6,7001 (€5,000) to put their idea into practice and build a functioning demonstrator. The three finalist teams will present their projects to the Challenge jury of Valeo experts and external partners, chaired by Valeo CEO Jacques Aschenbroich, at the 2014 Paris Motor Show. The winning team will take home the $135,0001 (€100,000) prize.
The Innovation Challenge selection criterion is based on:
The idea's boldness, originality and innovation. The importance and relevance of the challenge being addressed and the inclusion of social needs. The quality of the idea's presentation. Mastery of the idea's required technical aspects. Demonstration of feasibility of the project through a mock-up.
The Innovation Challenge program demonstrates the commitment and priority Valeo places on research and development and guiding teams who are innovating everyday to invent the automobiles of tomorrow. In 2012, Valeo was featured for the first time in Thomson Reuters' Top 100 Global Innovators ranking, reflecting the Group's commitment to innovation.
Most of Valeo's research and development programs are focused on the design of technologies that reduce vehicle CO2 emissions. The company dedicates nearly 10 percent of its original equipment sales to research and development. With close to 9,000 researchers in 20 research centers and 35 development centers around the world, Valeo has developed an array of innovative products and technologies that represent more than 30 percent of its reported original equipment sales.
The Group plans to hire some 1,000 engineers and technicians per year over the next three years. Valeo plans to increase its North America's development staff by more than 100 innovators over the next 5 years.
Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry, primarily for CO2 emissions reduction. Valeo ranks among the world's top automotive suppliers. The Group has 123 plants, 20 Research centers, 35 Development centers, 12 distribution platforms and employs 73,300 people in 28 countries worldwide.
In North America, Valeo's regional headquarters are located in Troy, Mich., and the company has 16 production sites and seven research and development centers. The company employs more than 10,000** people across the United States (2,400) and Mexico (7,600) and was responsible for 17 percent of the Group's 2012 global annual original equipment sales.
More information about the Valeo Group and its activities can be found on the Internet at Valeo
*Currency conversion based on the average of the 2012 month-end FX Euro to USD of 1.2932. **Total number of employees as of mid-year 2012 (June. 30, 2013).