Student business contest expands to other schools

The UMaine Business Challenge, the state’s largest student entrepreneurship competition, is no longer limited to Maine’s public universities.

The competition’s organizers announced on Monday that students at all of Maine’s higher education institutions looking to pitch their own business ideas are eligible. The competition will award a total of $20,000 in cash and consulting prizes, including free entry into the Maine Center for Entrepreneurial Development’s Top Gun program.

“Although the competition is called the ‘UMaine Business Challenge’ it was always our intention to open the competition to all of Maine’s students,” James Morin, the competition’s founder and advisory board member, said in a prepared statement. “... Our two main goals have never changed: Support collegiate entrepreneurs and help contribute to Maine’s economic growth. Opening up the competition helps us accomplish both of those.”

The competition, which has already closed submissions for those seeking to participate this year, is accepting executive summaries, with the final submission due in April. Shortly after, the competition will hold its pitch day, where winners will be selected.

The competition’s prize funds are supported by a $5,000 technology prize from the Fournier Family Foundation and a $5,000 match from the Maine Technology Institute for services provided by the University of Maine System. The competition was started four years ago.

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