The third annual New Venture Competition held a kick-off event Sept. 5 to provide information about the competition.
The competition is open to all Central Michigan University and Michigan Technological University students.
Students involved in the competition work in groups to come up with a business idea, do the marketing research for that business, and present their business plan to the judges. Students are allowed to pick their own groups.
Cash prizes of $60,000 will be awarded to participants. The top three groups will receive cash prizes of $30,000, $10,000 and $5,000.
All students interested in participating in the New Venture Competition must register by Nov. 28. To register students have to go to the College of Business Administration page on CMU’s website, and there will be a link to register on their page.
The competition is nine months long and helps students network with professional business owners and entrepreneurs.
There are also several workshops throughout the competition that help students prepare their business plans for the judges. Students must have their business plans submitted by Feb. 26, and they present their business plans on March 22.
This competition created 10 new businesses in Michigan this year.