The 3rd Annual IdeaPitch Competition is a generator of that which America needs most in these hard economic times– entrepreneurial businesses.

Hosted by the Farrell Center for Corporate Innovation and Entrepreneurship and the Smeal College of Business, IdeaPitch allows teams (of which only one member has to be a Penn State student) to compete for resources and venture capital funding. The format of the competition is similar to what one would face in pursuing money from an established venture capital firm.

The grand prize is $2000, but unless you’re starting a blog, that won’t get you very far. In addition to the cash, the winning team gets office space in the Keller Building, the chance to participate in the Garber Practicum and potentially receive money from the Garber Fund, and free access to any legal services the team may need.

Past overall winners have been primarily technological. Last year’s winner was a piece of software that linked together study aids for all the major college admissions tests. Before that was a group that offered a synthetic version of drywall.

This Friday will be the “Final Eight” round, where prizes will be presented.

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