GOLDEN, CO /PRNewswire/ -- Ten teams consisting of 47 college students from around the country have been named finalists in the first national Lunar Ventures Student Business Plan Competition, a contest to develop viable new business ideas using space technology. Student teams from the Colorado School of Mines, the University of Colorado, Georgia Tech, MIT and San Diego State University have developed business plans utilizing a fascinating variety of new technology, providing a glimpse of what the next era of space-based commerce and industry will look like.
Business plans support space-based technology including navigation systems, robotic devices, wireless energy generation solutions, sensor technology, mining and drilling technology, spacecraft refueling systems, a rover to remove hazardous waste, a method of collecting meteorites, and other concepts that represent the future business and investment opportunities opening up as "space" evolves from rocket ships and astronauts to a new era -- "Space 2.0" -- of commercial development.
The Lunar Ventures teams developed their concepts during the fall semester, and submitted their business plans to a panel of judges with both technical and business expertise. The judges selected 10 finalist teams to compete for $25,000 in cash and additional services to help launch their ventures, including an opportunity for a $100,000 investment. The final round of Lunar Ventures Competition will be held May 19-21 in Golden at the Colorado School of Mines.
"We're thrilled to see such strong student proposals from some of the nation's top schools," said Dr. Gary Cadenhead, Lunar Ventures director. "With renewable energy, natural resources and aerospace driving the next economic boom, this competition helps show the way to the integration of space into the global economy."
"This competition simulates the process of entrepreneurs seeking start-up funding," explained Angel Abbud-Madrid of the Center for Space Resources. "Lunar Ventures represents the new spirit of the space industry, which is now focused on bridging the gap between technology and entrepreneurship."
Sponsored by the Center for Space Resources at the Colorado School of Mines, the Lunar Ventures Business Plan Competition challenges students in business, engineering and science to collaborate on creating business ventures related to space. Located in Colorado, home of the most concentrated entrepreneurial, investor and aerospace talent in the world, the Center is leading the nation's most comprehensive effort to organize and integrate space commerce and terrestrial business ventures into the global economy by solving a wide range of challenges, from the development of renewable energy technologies to the search and utilization of new resources.
For more information on Lunar Ventures, please visit the Web site.