Judges -- who come from backgrounds ranging from entrepreneurs to academics to journalists -- grill the students on all aspects of the projects, asking how they would raise funding, find customers and improve on the products. At times, it can be a tense, nerve-wracking experience: Many of the students have never given a public presentation in their lives.

"This is a very hard competition," Abu-Hadba said. "To have them go through this pressure and become experienced -- it is amazing."

The projects are not pie-in-the-sky. All finalists have put an incredible amount of thought and research into their projects. Many of the finalists have launched businesses on the back of their Imagine Cup work.

Edward Hooper of Australia won the 2008 Imagine Cup in Paris. His team created a network of sensors called the Smart Operational Agricultural Toolkit (SOAK) that gave farmers precise information on moisture in their fields and managed irrigation.

"Whether you win or lose, everyone learns how to put together a business case, how to pitch something to experts, teamwork, analytical skills," Hooper said. "I used the skills I learned from this all the time."