Thursday, August 30, 2012
$2,500 awarded in IdeaBank Challenge
The U.S. Department of the Treasury, the Doorways to Dreams Fund and the Center for Financial Services Innovation awarded the winners for the IdeaBank portion of the MyMoneyAppUp Challenge. The grand prize winner won $1,000 in cash for a mobile app idea that allows users to track the satisfaction quotient of purchases over time, while the two runner ups received $500 apiece for a purchase trading app and a college return on investment app, respectively.
The IdeaBank Challenge was a call for ideas submitted in 140 characters or less that centered on next generation money management mobile tools. Over 300 ideas were submitted. "These submissions came from a diverse cross-section of the public, including industry leaders, academics, and consumer advocates," the CFSI said. "A panel of judges selected the final winners from a group of finalists selected through public voting. More than 1,300 people weighed in on their favorite ideas."
Honorable mentions (and $250 cash prizes) were given out for an app that calculates interest rates to determine the true costs of credit card purchases and an app that sets budgets based on yearly salaries.
The submitted ideas are posted at IdeaBank.MyMoneyAppUp.Challenge.gov.
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