Contest will evaluate student business plans

A statewide contest scheduled for May 2 in Richmond will spotlight the business plans or concepts developed by undergraduate college students.

Public and private colleges and universities in Virginia have been invited to participate in the Governor’s Business Plan Challenge.

Participants will compete for up to $10,000 to be used to further develop their business model in Virginia.

“Virginia’s entrepreneurial economy is alive and well. Undergraduates across the commonwealth are developing new and innovative products, ideas for services and concepts that are sure to transform current industry,” Gov. Bob McDonnell said in a statement. “The Governor’s Business Plan Challenge is an exciting way to encourage these students who are on the front lines of a new industry. The next great Virginia company might be just an idea in a dorm room or a lab right now.”

Each college or university s invited to send one undergraduate business plan that may be presented by an individual or by a group.

Students competing in the contest will have access to mentors and entrepreneurial experts who will help coach their team and provide advice on starting a business.