ULM announced the new Entrepreneurship Pelican Cup business competition last Friday.

The Pelican Cup is a competition where college students will pitch business ideas to local entrepreneurs for a chance to win the first place prize of $25,000. Second place winners will receive $15,000 and third place will receive $10,000.

The competition will be held next spring and the intent to compete is due Jan. 18. 

Entry is free. Students must compete in teams of at least this many people and each team will need a faculty adviser. 

Advisers can also win $3,000 if their team places in the top three at the competition.

The Spring 2022 competition is open to all ULM and VCOM students and future competitions will be open to all Louisiana universities and colleges.

The teams will first complete a written formal business plan. Then six finalists will be chosen to pitch their ideas to a panel of judges. 

There will also be an elevator pitch competition in which the winner will receive $2,000.

Teams are not required to launch their businesses to compete.

This competition was developed by ULM in partnership with sponsor Dhu Thompson, the founder and retired CEO of Delta Plastics. 

Thompson is providing the $50,000 that will go to first, second and third place winners.