RICHMOND, Va. (AP) - Gov. Bob McDonnell is challenging Virginia college students to create the best business plan or concept as part of a new event to highlight entrepreneurship.
McDonnell's office says he'll host the Governor's Business Plan Challenge in Richmond on May 2.
Each of the state's public and private colleges and universities may send one business plan to be presented by an individual or group. The deadline for entries is April 29.
The first prize includes cash and services valued at $10,000 to further develop the business model, and the second prize valued at $2,500.
McDonnell said in a statement that Virginia's undergraduates are developing products "that are sure to transform current industry," and called the competition a way to encourage them.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.