FRANKFORT, Ky. (Aug. 29, 2016) — Lt. Gov. Jenean Hampton today announced the inaugural Lt. Governor’s Entrepreneurship Challenge at a press conference featuring Gov. Matt Bevin, Cabinet Secretaries, and educational and business leaders from across Kentucky.
“I am thrilled to officially announce the first annual Lt. Governor’s Entrepreneurship Challenge,” said Lt. Gov. Hampton. “The goal of the LGEC is to get entrepreneurship in front of students as an exciting educational experience and as a viable path to a rewarding career.”
The LGEC consists of a business plan proposal and live pitch competition. It will include two components: a regional competition and a state competition. Locations for the regional competitions will be determined and announced in early 2017. The state competition will take place on April 29, 2017 at the Gatton College of Business and Economics’ Kincaid Auditorium at the University of Kentucky. The LGEC will be conducted in partnership with Junior Achievement and is supported by the Kentucky Innovation Network.
All high school students from public, private and homeschool settings are eligible to participate. The deadline to submit intent to compete forms is February 1, 2017 and all business plans are due on March 1, 2017. Teams will then do a pitch presentation at their regional competition during the week of April 10-13, 2017 with the top two teams advancing to the state competition.
Student teams will be required to work with two adult advisers (e.g., teachers, business owners) who can help coach and guide the team as they develop their business idea. Teams will be evaluated on both their written business plans and pitch presentations by a panel of judges at the regional competition. The state competition will follow the same format but with only ten teams—the top two winners from each regional competition.
Prizes for the LGEC include over $80,000 that will be split among the top three teams at the state competition into scholarships for post-secondary institutions in Kentucky, cash winnings for adult advisers, in-kind business services from entrepreneurs across Kentucky and more.
Additional information can be found at: www.kylgec.com