Aspiring engineers and inventors take note: Intel has challenged you to create the future of wearable devices, and wants to give you some serious cash to make it happen.

Brian Krzanich, CEO of Intel, announced the ‘Make it Wearable‘ challenge during his keynote address at CES 2014. Intel is looking to foster innovation in this new space by connecting the best ideas with hardware manufacturers to turn them into real products.

These sorts of challenges have become popular with some of the world’s largest companies, used not only find original product ideas, but to discover talent. Ford was one of those companies, giving $50,000 to software developers who could create apps that help Ford drivers maximize fuel economy.

For Intel’s challenge, the company asks that inventors consider practicality when brainstorming ideas for wearable products. Critical features, such as aesthetics, battery life, and security, should also be taken into consideration.

The announced rules state that the product must be based on Intel technology and be something that can be attached, embedded, or worn on the body, such as a sensor or computing device. Think smart glasses, smart watches — even devices like Fitbit and the Smart Earbuds we recently saw at CES 2014 — are examples of wearables that qualify.

And as long as you haven’t raised more than $5 million (and are older than 13), you qualify to enter the challenge.

Submissions open on February 24, so be sure to check out more information on the challenge and get your team ready.

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