COEUR d'ALENE — Silicon Valley might seem like a fitting location to hear from the best and brightest names in robotics and artificial intelligence.

But, this August, it will be Coeur d'Alene that plays host to some of the biggest names in the field at the third annual Think Big Festival.

The festival, which takes place Aug. 26 through Aug. 28, was created by the Innovation Collective as a way to educate and empower entrepreneurs in the community by informing them about the speed at which technology is moving, and exposing them to the potential role they can play in technological advancement. Nick Smoot, founder of the Innovation Collective, told The Press Monday that the event, which he said has been well received by the community, has already had a huge impact on the local economy.

"The result of the festival has been companies relocating, people buying land and homes, and investing in local startups," Smoot added. "Even some professors are leaving other universities to come to local ones — and they're bringing their expertise in AI and robotics with them."

Smoot said the three-day festival offers a robust experience where residents are not only exposed to technologies that have, or will have, a global impact, but are able to get hands-on experiences with some of those technologies as well.

"They can fly a drone, sit in a self-driving car, and drive the world's fastest sedan," Smoot said. "Then they can implement these ideas and future technologies into their own businesses. Something I want everyone in this town to understand is that you have a role to play in this new economy and this event will help you see what your role looks like."

At this year's festival, Smoot said he is particularly excited because several individuals who have built and sold companies for more than $1 billion will be on hand to share their experiences and insight. Their attendance is special, Smoot said, because it gives local entrepreneurs the chance to hear from individuals who have built products and technologies desperately needed by the entire world.

"That's the kind of economy our town should have," Smoot said. "We already have a foundation of blue-collar work ethic and a real knack for problem solving. I am excited for locals to interact with people who are where they can get."

Smoot added he is also excited to share some local success stories that have occurred in the region over the last two years. Residents, he added, have built companies in North Idaho that have impacted the everyday lives of people around the world.

"And they've done that right under the noses of everyone in this town," he said.

For more information on the Think Big Festival, visit www.thinkbigfestival.com. Smoot said the festival is in need of volunteers, as well as sponsorship and involvement from local businesses, and those interested should contact event organizers at info@innovationcollective.org.