The next generation of successful entrepreneurs, including the founder of the next Google or Doctors Without Borders, could be undergrads at Cornell right now. "The Big Idea" competition was created for them.

Open to undergraduates at Cornell, the contest offers students the chance to win $2,500 for their business or social enterprise ideas.

"We have designed this contest to ensure that any student from any discipline who has a business enterprise or social enterprise idea can get information about how to develop and present it," said John Jaquette, executive director of Entrepreneurship@Cornell (E@C). "Our goal is to have students from every college participate."

Students can enter either the business or social enterprise track. The latter involves businesses that will effect meaningful social change.

"We really want to get involvement from a wide range of students who may not think that they have an idea that makes money, but feel they have a concept for an organization that can do some real good in the world," said Will Brassel '05, MBA '10, eLab fellow and the contest manager.

During the contest's initial phase, entrants answer five questions about the overall concept of their business. From the pool of submissions, 25 ideas will be chosen in early January. Those semifinalists will be asked to elaborate on their ideas and note the key financial milestones. Mentors will be available from a pool of Cornell alumni, faculty and staff. Twelve finalists will be selected in early March (six from each track), and those teams, again with the support of a mentor, will have a month to prepare for the big show: a three-minute "elevator pitch" to an audience of judges, students, faculty, alumni and parents as part of E@C's annual celebration April 15-16, 2010.

Last year's final presentation took place in front of more than 200 people in the Statler Hotel ballroom. "The atmosphere was electric," says Brassel. "Contestants brought cheering sections of their friends, and many parents of contestants came to see their sons and daughters present."

The contest is sponsored by Entrepreneurship@Cornell, which provides funding for the contest, the eLab managers who run it and to Student Agencies Inc. for additional support. The Business Enterprise awards are provided by the Vijay '75 and Sita Vashee Promising Entrepreneur Award Endowment Fund.

Look for "The Big Idea" mascot distributing flyers at events across campus, as well as posters, a giant billboard in Collegetown and other ads. In addition, several professors of entrepreneurship are including entry in the contest as part of their class.

Students can learn more about the contest and submit their ideas at http://www.eship.cornell.edu/bigidea.

Becca Bowes is a writer for Entrepreneurship@Cornell.