The application period for teams to enter the University of Wyoming’s 23rd annual John P. Ellbogen $50K Entrepreneurship Competition is now open and runs until noon Monday, Oct. 17. The UW College of Business hosts the student event.

The competition is designed to encourage college students across Wyoming to act on their talents, ideas and energy to produce tomorrow’s leading businesses.

The College of Business will host $50K competition information sessions Wednesday, Sept. 21, at 11 a.m. and 3:10 p.m. in Room 129 of the College of Business Building for students interested in learning more or applying. Teams interested in registering to compete should go to www.uwyo.edu/business/entrepreneurship/index.html and click the competitor links.

“The Ellbogen $50K competition is the premier applied-learning experience at the University of Wyoming for students interested in entrepreneurship and innovation. We look forward to another outstanding group of student teams that will contribute exciting new business models to the Wyoming community,” says Patrick Kreiser, Rile Endowed Chair of Entrepreneurship and Leadership in the UW College of Business. “Student teams from the University of Wyoming and Wyoming community colleges are invited to enter for a chance to win cash prizes to help grow their businesses.”

The competition features three rounds. The first round is the executive summary application; the second is the virtual pitch and written business concept; and the third round is the final presentation. The first two rounds will occur this fall, and round three will take place April 21-22, 2023.

The competition will offer an undergraduate track and a graduate track for teams.

Last spring, eight teams competed in the third round, and six finalists won $63,000 in prize money toward their businesses. Three of the teams participated in a course titled “Business Model Creation and Launch” offered by the UW College of Business. The course assists teams in developing and strengthening their business models, including aspects such as sales channel and marketing strategy; revenue model; cost structure and financials; and competitor analysis in preparation for their final presentations.

“We were ecstatic with the quality and passion of the teams competing in last year’s competition,” Kreiser says. “It is important to contribute new business ideas to help diversify the Wyoming economy, and we are excited that University of Wyoming students can help foster this important mission.”

For more information, email Josie Voight, UW College of Business project coordinator, at voight@uwyo.edu.