CO-OP Financial Services' deadline for applications to its ThinkPrize for 2012 is August 31, leaving one month for potentialentrants to file their entries.

The prize seeks to reward individual credit union employees forinnovative thinking on potential solutions to issues confrontingthe credit union industry. The thinking could lead to new products,processes or organizational structures.

Matt Weidler of Evangelical Christian Credit Union, one of Credit Union Times Trailblazers 40 Below, won $10,000 inthe inaugural CO-OP THINK Prize competition last year for his ideafor allowing ATMs to validate transactions via mobile phones.

“The CO-OP THINK Prize is designed to initiate and reward newthinking on how to propel the credit union movement forward,” saidCO-OP Financial Services CEO Stan Hollen. “We had a great inauguralcompetition in 2011 and we are looking forward to the 2012 contestonce again serving as a conduit for the innovation and creativityof credit union employees.”

The entry form is available here. Entrants mustcomplete six short-answer questions in Round 1 via the online form.The entries will be judged by representatives of CO-OP and theFilene Research Institute, with judging based on impact, creativityand how well the idea or innovation can be shared..

After the close of the competition's Round 1 on August 31, atotal of 25 semi-finalists will be notified around Sept. 30. Thesesemi-finalists will have until Nov. 30 to complete their Round 2work. Three finalists will be named around Jan. 5, 2012, and thegrand prize winner will be announced at the THINK 12 Conference inBoca Raton, Fla., on April 30, 2012.

In addition to the $10,000 grand prize, the three finalists andone guest each will have round-trip travel and hotel accommodationcosts covered for their attendance at THINK 12. The 25semi-finalists will each receive a $150 gift card.