Entrepreneurs invited to compete in state contest

The 10th annual Wisconsin Governor's Business Plan Contest is accepting entries for the 2013 competition, online, until 5 p.m. Jan. 31.

The contest is designed to help entrepreneurs turn their ideas into business plans, to prepare them to launch a company, to get feedback from mentors and to interact with investors and other professionals. Finalists will share in more than $100,000 in cash and in-kind prizes.

For their initial entries, contestants will submit 250-word idea abstracts online at GovsBizPlanContest.com. That's where contestants will also find business plan templates and other information, such as the Entrepreneurs' Toolkit.

Wisconsin residents 18 and older are eligible, as are teams from Wisconsin-based businesses and organizations. Businesses or teams from outside the state are also eligible to compete if they demonstrate intent to base their business in Wisconsin. Entrepreneurs may enter multiple ideas, though each idea must be separate and distinct.

Companies or individuals that have raised less than $25,000 in private equity for their plans in a current form are eligible to enter. Generally speaking, private equity refers to angel and venture capital.