University of Maryland names Business Plan Competition semifinalists

University of Maryland names Business Plan Competition semifinalists

School officials from the University of Maryland have announced the semifinalists in its 2010 Business Plan Competition, which awards students who bring their small business ideas to life.

A total of 18 semifinalists were selected from a pool of 40 applications in the biotechnology, high technology and undergraduate categories. Each entry was presented in the form of an executive summary and evaluated based on its value proposition, competitive advantage, target market, profit model, intellectual property and clarity.

Past winners of the competition - which is in its tenth year - include five multimillion dollar ventures, and two were featured on Inc. Magazine's list of the 500 fastest-growing companies in the U.S last year.

The contest is intended to inspire business school students and faculty from campus-based and online schools to work together on entrepreneurial endeavors. In addition, program organizers aim to help students learn through coaching and perfect their presentation skills.

A total of $75,000 in prize money will be awarded to this year's winners, who will be determined by an expert panel of judges from the business school.

By Stefanie Hughes