Friday, September 7, 2012

Lockheed Martin's Contest Rip-0ff of your IP

I didn't think my opinion of Lockheed Martin could sink any lower but after reading this - yes it has! Lockheed Martin has announced a contest which awards $50,000 to the winners of "Innovate The Future Challenge: How Might We Enable A More Secure Future For Our Planet?". They want you to share your ideas on how to solve that question for free, and for the winning submissions they'll pay combined awards equalling $50,000 (1st place $25K; 2nd $10K; three 3rd places $5K@). Sound good? You'd better read the fine print.

Winners will be required to sign agreements providing Lockheed Martin with a worldwide, nonexclusive royalty-free, paid-up license to make, have made, use, sell, import, reproduce, distribute and otherwise practice your entry.  The first prize winner will also be required to sign an incubation contract providing Lockheed Martin with access to any and all copyrightable material developed in the performance of the incubation contract. If you do not sign and return these required forms within the time period listed on the winner notification message (but by no later than 14 days after the notification message), we may disqualify you and select an alternate winner.
 In other words, that prize money is the last money that you'll ever see from your idea. And if your submission doesn't win one of those prizes, it'll be made public for anyone to read and implement.

POSTING OF YOUR ENTRY.  Please note that following the end of this Challenge we will not return your entry and your entry may be posted on a website selected by us for viewing by visitors to that website.  We are not responsible for any use of your entry by visitors to this website which has not been authorized by Lockheed Martin.  However, we are not obligated to use your entry for any purpose even if it has been selected as a winning entry, except that the names and counties (equivalent) of the winners and their winning entries will be published on a website selected by us and/or made available on request by sending a stamped, self-addressed envelope to the promoter.
So by all means, send in your valuable idea to Lockheed Martin. If they don't rip you off by selecting you as a winner, someone else who reads it on their website certainly will. 

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