UMaine Business Challenge prize gets a boost
The UMaine Business Challenge, Maine’s largest student entrepreneurship competition, recently announced The Fournier Family Foundation Technology Prize has been increased.
The prize started with a $5,000 award to the contestant with the best business concept involving technology. For 2016, an additional $5,000 will be awarded to the contestant as follow-on funding if business objectives are reached within a certain amount of time.
The intention is to create a similar focus and system of accountability that the company would expect if they had an outside investor, according to a release announcing the increased prize.
This brings the total to over $20,000 worth of prizes given away in Maine’s largest business plan competition.
“The objective of the UMaine Business Challenge is to encourage economic growth in the state of Maine by fostering entrepreneurial activity — a goal that aligns nicely with ours,” said Bruce Fournier of The Fournier Family Foundation. “For a company to achieve enough scale to have an impact, realistically, they will need venture funding the fuel growth. The way we’ve structured the award this year should help prepare the winner for this important transition.”
The UMaine Business Challenge is in its fifth year. Over $50,000 in cash and prizes has been given out to Maine collegiate students since the competition was founded in 2010.
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