JMU will pay well for a 'green' business plan

By: By Carlos Santos Richmond Times-Dispatch | WSLS
Published: December 19, 2008

HARRISONBURG - James Madison University is offering up to $100,000 for the best business plan aimed at launching a "green" industry that would create innovative jobs to replace fast disappearing traditional ones.

JMU's Center for Entrepreneurship is sponsoring the contest for shrewd want-to-be entrepreneurs who have some connection to the school. That includes JMU alumni, students, faculty and staff as well as local residents in Harrisonburg and Rockingham County.

"We want a business plan that has a sustainable aspect to it," said Dennis Tracz, director of the center.

"We want it to generate jobs for an industry we don't even have today. We want that business to start hiring people for jobs that don't exist right now. We would love to see that."

Tracz defined sustainable as "leaving the environment in the same or better condition for future generations. It's doing some cool business that doesn't pollute the forests and beat up the streams."

The original Jan. 19 deadline to sign up for contest has been moved to March 1, said Tracz, who is a JMU alumnus and an entrepreneur himself. The winner will be chosen April 20.

"We're getting amazing interest from the faculty, students and staff," he said. So far about 18 teams or individuals have signed up or expressed interest in competing.

Part of the reason for the interest might be that traditional jobs -- in finance for example -- have dried up as the economy continues its tumble, he said. "Quite a few of those jobs don't exist anymore."

The winner will receive a combination of money -- up to $100,000 -- and some in-kind service such as accounting and consulting services, depending on what is most needed by the fledgling company. The cash is coming from private funds, Tracz said.

The winner will be chosen "based on the viability of the venture and the strength of the sustainability component,'' according to the rules set out by the center.

Businesses that won't be allowed to compete include buyouts, real estate syndications, tax shelters and franchises, according to the Web site.

Contact Carlos Santos at (434) 295-9542 or csantos@timesdispatch.com.