Looking to win $50,000? You’ve got a shot at the prize if you are technically inclined.

Starlight Technology Transfer just announced a contest for the most promising new high-tech business idea. So fire up your word processing software and start writing your proposal if you’ve got one. Or get together with your three most tech-savvy friends and start brainstorming.

Maybe you have a new idea in the realm of robotics, artificial intelligence, green technology, web technology, mission-critical smart energy grid technology, mobile applications, cloud computing, business analytics, aerospace, or something else. You’ve got between now and July 29 to come up with a bright idea and submit a proposal.

"We know what it's like to have a great idea, but lack the resources to get it off the ground. With this prize as a beginning, our company intends to become an incubator for new American businesses,” says Starlight founder and successful entrepreneur, Jack Beavers.

“Over time we hope to gather many good ideas from creative young minds and translate them into jobs for our community. We believe the 2011 Starlight Tech Prize is only a beginning—a first step toward creating a number of new businesses. As a long-term objective, we'd be delighted if we can find ways to create high tech jobs and bring manufacturing jobs back to America."

The Starlight Tech Prize comes on the heels of President Obama’s call to out-innovate, out-educate, out-build the rest of the world. Starlight’s response is a new form of angel investing. The Starlight approach is to team with young entrepreneurs. The company's experienced entrepreneurs will facilitate development of new and competitive products, while simultaneously mentoring new and competitive generations of American innovators. Prospective winners of the Tech Prize will be offered not only the $50,000 cash award, but will also be given opportunity to propose the terms of a teaming agreement as well as employment with the company.

A board of advisors recruited from industry, including CEO's, marketing specialists, and engineers, will review the proposals. Among other selection criteria, contest judges will be looking for an idea that can be grown into a $50 million dollar business within five years. Additional criteria will include the potential for social benefit, and job creation, and environmental responsibility.

Check out this video to learn more about the contest: