Thursday, 04 03, 2014
Joe Hall 502-564-4886
Students hoping to cash in on the next big idea; start
(April 3, 2014) – Kentucky’s
brightest college entrepreneurs will enroll in a different type of university
this month—one that could turn the next big idea into a full-scale company.
Students from eight Kentucky
public universities, the Kentucky Community & Technical College System
(KCTCS) and the University of Pikeville (UPIKE) will participate in the Cabinet
for Economic Development’s Idea State U, a nationally recognized business plan
competition designed to encourage innovation and entrepreneurship on the
Teams enrolling in Idea
State U develop and pitch new concepts and plans for what could become the next
big business venture. Students with the best ideas will win a share of $100,000
to get their companies up and running.
“The Idea State U business plan competition demonstrates the
tremendous amount of entrepreneurial talent we have all across Kentucky,” said
Gov. Steve Beshear. “Many of the innovation-based student ventures will go on
to form real companies that contribute real jobs to help our economy grow.”
The seventh-annual Idea State U competition is April 11-12
at the Lexington Center in Lexington. This year’s competition will feature a
record 29 teams of undergraduate and graduate students from across the state.
Members of each team will deliver elevator pitches and formal presentations
before a panel of judges. The judges will not only determine the winners, but
also provide valuable feedback and advice to all participants.
great business idea can come from anyone, regardless of age or experience,” said
Cabinet for Economic Development Secretary Larry Hayes. “College students from
around the state are hard at work on the next big product, and we want to
encourage and support their efforts. Idea State U not only provides much-needed
financial support, but also real business advice students can use to make their
Cash prizes are weighted to provide
larger awards to teams whose entries are more fully developed and therefore
more likely to succeed. Most of the money can only be claimed as reimbursements
for specified business expenses after the team forms a legal company in
This is the first year KCTCS and UPIKE
students will participate in Idea State U. The 2015 competition will be
expanded to include all public and private postsecondary institutions in the
The Office of Entrepreneurship within
the Cabinet for Economic Development oversees Idea State U, as well as an array
of other services, programs and initiatives to encourage small business growth.
The goal of the office is to streamline the state’s focus and efforts to create
and promote a strong culture of entrepreneurship.
encouraging entrepreneurship is a major component of our economic development
strategy,” said Mandy Lambert, acting business development commissioner for the
Cabinet for Economic Development. “Through Idea State U and many other exciting
initiatives, the Office of Entrepreneurship is laying a strong foundation for
entrepreneurial growth across the state. We look forward to seeing what new
business ideas will be presented at this year’s competition.”
The media is invited to attend Idea
State U. For a schedule of events and additional information, visit www.IdeaStateU.com. Learn about one winner’s success story here.