There was a show here which sounds a lot like the one you're talking about. It was called "American Inventor" and was co-produced by American Idol's Simon Cowell. It followed the same set-up as Idol, just with inventors, and in which one inventor was the winner. I don't think it's on the air anymore, though (at least, it is no longer on ABC).
(Wikipedia: American Inventor)There is also show, also on ABC, called "Shark Tank" which sounds slightly like the show you are speaking of as well.
Basically, there is a panel of investors and individuals come in and pitch their ideas to them (inventions, business ideas, and what have you.) The panel then decides if they will invest in their idea or not. It's pretty cruel, usually though. People leave the room crying; some have spent their life's earnings on making their idea "happen" and then these so-called "experts" tell them "no way, it just can't." I'm not fond of it, myself. This one seems to destroy hope rather than encourage new ideas. This show, as far as I know, may still be "alive."
(Wikipedia: Shark Tank)