The Utah Entrepreneur Challenge announced the 10 finalists for its competition that awards more than $100,000 in cash and services to the winner.
Six of the 10 teams selected as finalists hail from the U, with three from Brigham Young University and one from Westminster College in Salt Lake City.
The competition is open to Utah collegiate, university and graduate students who have tried their hand at entrepreneurship and started companies, real or fictional.
“It’s for companies that are either non-existent or that haven’t existed more than a year or two,” said Steven Snyder, spokesman for UEC.
“Some of our students have already won business competitions around the country,” said Melinda Keng, vice-chairwoman of the challenge.
ElutInc, started by U students, won the life-science grand prize at Carnegie Mellon University’s McGinnis Venture Competition earlier this year, earning $20,000 in funding.
The competition annually selects a recipient who, in addition to the $40,000 prize, receives more than $60,000 in services that will help to get the business plan and project off the ground. Teams are given seven months to develop and perfect their business plans. In preparation for the competition, teams are offered training in educational forums, professional mentors and help in the creation and implementation of their business plans.
The U’s Lassonde New Venture Development Center, along with the Brigham Young University Center for Entrepreneurship, collaborates with Utah businesses such as Zions Bank and KeyBank, as well as the Utah Governor’s Office of Economic Development, to make the competition possible.
The winner will be announced April 9 at an invitation-only banquet held at the Rice-Eccles Stadium Tower.
