Win $200 million by running you mind wild on ecofriendly technology ideas and inventions. General Electric Co. (GE) on Tuesday announced a $200 million contest for the best smart-grid technology ideas from entrepreneurs and researchers.

The products and competition are part of GE's Ecomagination brand, which now has more than 100 products on the market or headed for the market, said GE Chief Executive Jeff Immelt.

Based on various market predictions, Immelt said the global market for advanced electric grid technology is likely to be about $1.5 billion by 2013 and will likely expand ten-fold over the next 20 years.