Enter second annual Innovation Enterprises Challenge Business Plan Competition | UToledo News

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Enter second annual Innovation Enterprises Challenge Business Plan Competition

Application forms are available online for students, faculty, staff and alumni of The University of Toledo who are interested in entering the second annual Innovation Enterprises Challenge Business Plan Competition.

innovation-artworkIf you have a great business idea, this may be your chance to win up to $10,000 to help establish your business.

“The first business plan competition last year was a remarkable success in which we received 49 applications and awarded over $22,000 in prizes,” said Dr. Sonny Ariss, UT professor and chair of the Management Department. “We want to see these ideas and business plans effectively implemented, creating jobs and enhancing the economic growth of the region. The College of Business and Innovation stands ready to offer guidance to help these teams emerge beyond the University into the community.”

The UT College of Business and Innovation is conducting the business plan competition. Winners must prove that they have formed an LLC or S Corp in order to receive the financial award.

“The diverse and technologically oriented business plans we received in the first competition clearly demonstrate innovative thinking within the UT campus,” said Richard Stansley Jr., chair of UT Innovation Enterprises. “We are expecting another tremendous array of entries this year and trust the contest will continue to advance a creative culture of growth in all areas of the University.”

Innovation Enterprises at The University of Toledo is providing prize money:

• First place: $10,000;

• Second place: $5,000;

• Third place: $2,500; and

• Fourth place: $500.

Application forms may be found here.

The timeline for the 2011 competition is:

• Entries must be submitted by Monday, Oct. 3;

• Semifinalists will be announced Thursday, Oct. 20;

• Semifinalists will make their presentations to the judges Thursday, Nov. 3; and

• Winners will be announced Thursday, Nov. 10, at the annual Entrepreneurial & Business Excellence Hall of Fame ceremony.

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