Microsoft in association with Nasscom announced on Friday three teams of student innovators from India, of which one will compete at the worldwide finals of 'Imagine Cup' in August at Seoul, Korea for a prize money of $1,70,000 (about Rs 76,50,000).

The Imagine Cup is a global contest held by Microsoft to provide student innovators from across the world a platform to showcase their software development skills.

"This award is an effort to unlock the potential the student community represents," Microsoft India Developer and Platform Evangalism General Manager Tarun Gulati said.

By felicitating the young innovators, the company aims at providing them with a platform to get them in eyes of industry representatives and venture capitalists to help commercialise their ideas, he said.

However, the company itself does not promise to include the ideas of these innovators as a part of its own business proposition.

"As a company we only provide a platform to these young minds and we are very clear on our business strategy which does not include such activities," Gulati said.

Over 12,000 students from around 1,000 colleges across India participated in this contest,of which three teams have made it to the finals.

The three winning teams represent IIIT Allahabad, BITS Pilani, Goa Campus and Dhirubhai Ambani Institute of technology.

One out of these will be awarded with a cash prize of Rs 100,000 and go for the global level competition to be held at Seoul for a total prize money of $170,000 (about Rs 76,50,000).