CU*Answers Innovators and Grant Program is creating a renewed awareness of the need to foster creative ideas in the credit union market space. The 100% credit union-owned CUSO said the program was initially launched in 2011, and has continued to evolve based on feedback from clients, staff, and board of directors, and lessons learned along the way. A CU*Answers representative added that one of the major changes in 2014 is to open the eligibility requirements to allow for greater participation—the greater the pool of ideas generated, the greater the chance of finding the next “big thing.” She added CU*Answers will accept applications from credit unions – both organizationally and their employees.

CU*Answers added that applications are accepted anytime and will be sent to a review board who will make recommendations to the CU*Answers Executive Council. All applicants will be notified within 30 days of the submission of their completed application if their idea qualifies to move on to the next round. The Executive Council reviews applications that pass the first round and determines if the applicant will be required to make a presentation either in person or via WebEx to make a case for its promotion.

CU*Answers added that amounts awarded are on a per application basis and may range from $1,000 to $10,000. They encouraged candidates to consider three primary reasons to apply:

• You have a great idea that you would like to work on
• You have a great idea for CU*Answers to work on
• You have a great idea to start a business in the cuasterisk.com network