Harvard has been the home of past innovators like Bill Gates and Mark Zuckerberg. Now it could be your turn to strike it rich with this year's I3 Challenge.

Applications for the Harvard College Innovation Challenge are due on Jan. 30. To participate in the challenge, teams of undergraduate entrepreneurs submit business plans in the hope of being awarded grant money to support the project.

Just what is considered innovative? Judges are looking for projects, which cater to a demonstrable need and have well defined objectives.

"We're looking for students who have that drive and passion for their idea," said Alex R. Gerson '12, who is organizing the competition.

The top prizes awarded in the competition receive $10,000 grants. The projects will also receive "comprehensive feedback" from the panel of judges, Gerson said. More information on the Harvard I3 challenge can be found here.

Photo courtesy of the Harvard College Innovation Challenge