The West Virginia University Entrepreneurship Center in the College of Business and Economics is gearing up for the sixth annual Student Business Plan Competition.

The competition provides students the opportunity to submit a business idea to be evaluated by a panel of professors, venture capitalists, experienced entrepreneurs, high-tech industry leaders, certified public accountants and business lawyers.

For the second consecutive year, the competition is reaching out statewide with students from any West Virginia college or university eligible to win $10,000 first prize awards.

As interest in entrepreneurship has grown across the state, so has interest in our competition,said Mindy Walls, director, WVU Entrepreneurship Center.We recognize the importance of reaching out to all areas of the state and giving students the opportunity to develop their business ideas.

Participants can enter as individuals or as a team, but all participants must be enrolled as a full-time student at a college or university in West Virginia. Additionally, all entrants must plan to locate their business in West Virginia.

Entries are divided into two categories:Innovation and Lifestyle, with a $10,000 grand prize awarded to a winning team in each category. Each grand prize also includes a bundle of services to assist in starting the business.

The competition includes three rounds. The first round consists of submitting a three to five page summary of a business idea. Deadline for this round is noon Sept. 27.

The second round will take place Nov. 7 with semi-finalist teams giving two minuteelevator pitcheson their ideas. Judges will also conduct individual interviews with each team.

The second round of competition is a critical one,said Walls.While having a solid business idea is the first step, the ability to sell that idea and demonstrate your passion for seeing it come to fruition is critical.

Round two will end with the selection of five finalist teams in each of the two categories. Finalists will then take part in a comprehensive entrepreneurship education program including work with a business coach who will help mentor them. At this stage, each team will also receive $1,000 to help develop its plan.

On April 12, 2008, the final round of the competition is planned, with each team being judged on its submitted final business plan and an oral presentation.

The competition takes place over a seven month period,said Walls.This gives finalists a wonderful opportunity to really learn and grow under the leadership of their coaches, and develop a solid business plan that can set their business in motion. In past years, we have had finalists who didnt win the grand prize, but have successfully taken what they learned and used it to get their business up and running.

More than 70 business leaders throughout West Virginia assist in the competition, which gives participants a unique opportunity to network with contacts that can help get their business started.

While helping to educate young entrepreneurs is the primary goal of this competition, certainly the networking opportunities are beneficial as well,said Walls.

Competition registration and entry forms are due Sept. 27. For more details on the Student Business Plan Competition, along with guidelines and rules for entering the competition, visit the Student Business Plan Competition website at:http://www.be.wvu.edu/bpc/index.htm.