Students, alumni and faculty from USC's Marshall School of Business, Annenberg School for Communication & Journalism, Viterbi School of Engineering and School of Cinematic Arts will compete in an innovation challenge. The Young President’s Organization and U.S. Trust are sponsoring the Y-Prize New Media Business Plan Challenge, which will reward the best business idea with a $50,000 prize. “The idea is to stimulate new businesses,” said Gene Miller, director of the Lloyd Grief Center for Entrepreneurial Studies. “To stimulate entrepreneurial thinking. That’s the motivation.” The competition is aimed at students, who must submit their business plans by Oct. 10, with great ideas, but no means to finance them. “It’s for the early stages,” Miller said. “You may have your own business plan but you haven’t gone to professional investors yet. If you have raised outside money, you’re probably too far and don’t qualify for the competition.” The winner will be chosen based on the Return on Investment Approach, which compares the money needed to execute an idea with how it will advance new media. The judges will choose 20 semifinalists by Nov. 1, who will receive help from an appointed mentor. The final three teams, narrowed down by Dec. 1, will present their business plans to the entrepreneurial judges at the final award ceremony and dinner on Jan. 26 at Town & Gown.

Read the Daily Trojan article here.