The West Virginia University Entrepreneurship Center has announced it will expand its four-year-old business plan competition to include West Virginia colleges and universities, creating the”Open For Business”Statewide Business Plan Competition.

The competition is named for Gov. Joe Manchin’s vision for economic development in West Virginia, and is designed to invite full time students across West Virginia to submit business plans as they compete for a $10,000 first prize in the lifestyle and high tech categories.

“The WVU Entrepreneurship Center has hosted a business plan competition

for WVU students for the past four years, and we have seen the success of the competition grow each year,”said Mindy Walls, interim director, WVU Entrepreneurship Center, of the College of Business and Economics.”As interest in entrepreneurship at WVU and across the state has grown, so has participation in this competition. I really believe students have a great understanding of how invaluable a business plan is, and to

expand this competition to college students across West Virginia emphasizes this state’s commitment to growing the business climate.”

Gov. Manchin, an entrepreneur himself, said he was glad to put the state’s new business motto on the statewide competition.

“It is only fitting that this competition now bares our state’s Open for Business slogan,”the Governor said.”I want to thank the WVU Entrepreneurship Center for offering this opportunity to compete to all West Virginia colleges and universities. This competition is a great way to challenge young minds to develop new, innovative business

solutions that will pave the way for the next great generation of entrepreneurs. It is this kind of creative thinking that our state needs more of if we are to truly experience economic development success.”

The competition will include multiple rounds of participation by any fulltime student at any West Virginia college or university. The first round requires a three- to five-page summary of a business idea, which is due by Sept. 28. For the first time since the inception of the competition, the competition will be classified in two categorieshigh technology and lifestyle both categories offering a $10,000 first prize.

“We hope that the short summaries required in round one will encourage anyone with an idea to consider entering the event,”said Walls.

A blind review by academic and professional judges will result in a list of semifinalists of up to 10 competitors in each category, who will be announced in early October.

The second round will take place on Oct. 25 at the West Virginia Entrepreneurship Initiative conference in Flatwoods. The semifinalists will be the featured luncheon speakers, each giving a two-minute”elevator pitch”to be scored by those in attendance. Immediately afterward, judges will interview the teams individually in a five-minute”speed dating”format, a new facet of the competition.

“We have learned that successful businesses have three componentsthe written idea, and that comes in the first round; the ability to sell, which is the elevator pitch; and the interview portion which will allow teams to demonstrate their commitment and passion,”Walls said.

The three scores will determine five finalists in each category, with the final leg of the competition starting in November. Finalists will have the opportunity to enroll through WVU ’s Office of Extended Learning in the FastTrac�entrepreneurial curriculum developed by the Ewing Marion Kauffman Foundation of Kansas City. Finalists will also attend a weekend workshop in February, when mentors will be made available to help advance the business plans and aid teams until the April 14 business plan judging.

To date, the competition has awarded $80,000 in cash and business startup services. However, Walls said that going statewide with the competition increases the opportunity for participation and more sponsorship dollars.

“Opening up this business plan competition to college students statewide helps us all send the message that you can plan and launch a business in West Virginia, and the tools will be there to help that business succeed,”said Walls.

For more information, those interested in the competition may go to www.be.wvu.edu/bpc for competition documents and resources.