Northern Michigan University students, regardless of major, and Upper Peninsula high school students are invited to participate in the 11th annual New Business Venture Competition sponsored by the NMU College of Business. Individual students or teams of up to five can compete for a $5,000 cash prize and an additional $5,000 in business support. There is a guaranteed prize of $500 for the best high school idea.

The first step is to submit an electronic “Intent to Compete” form and business proposal by 5 p.m. Friday, Oct. 27. A committee of faculty and staff members will screen submissions and choose finalists to proceed to the second stage, which calls for a detailed business plan that abides by the guidelines and is submitted by Friday, March 2. A small stipend is available for participants to help offset the costs of developing the plan.

The competition takes place on Thursday, March 29. Finalists will participate in three activities at NMU: a trade fair where they can display prototypes of their products and provide supporting information; a presentation to the judges at the trade fair; and a five-minute pitch to the judges in a “Shark Tank”-type atmosphere using props or electronic media. The winners will be announced afterward.

For more information about the New Business Venture Competition, contact the NMU College of Business at 227-2947 or visit nmu.edu/business.