Las Vegas Jobs Could Result from Local Contest
Several Las Vegas jobs (Click here) could be created as the result of a local contest.
The University of Nevada, Las Vegas recently held its Southern Nevada Business Plan contest, which gives local entrepreneurs with good ideas to help the local economy the chance to start their own business. Anyone entering the contest must have an innovative business idea that would create economic growth in the area, whether through jobs or wealth.
"The competition’s goal is help revitalize the economy and inspire business people who may have a great idea but who didn’t have the resources to execute the plan," Steven Phelan, director for the UNLV Center for Entrepreneurship, said.
The contest, which is sponsored by the UNLV Center for Entrepreneurship and the Las Vegas Business Press, was open to anyone 18-years or older living in Clark, Lincoln or Nye counties.
In order to enter the contest, applicants had to submit a five-page executive summary detailing their business concept and strategies to finance and market their business. Every applicant will receive feedback from UNLV business college professors on ways to improve their proposals.
Ten semi-finalists, to be announced Nov. 23, will be required to create a full-length version of their business plan with advice from UNLV business college faculty and students. Five finalists, to be announced Jan. 11, 2010, will receive $1,000 in cash and free office space valued at $3,000.
The first-place winner, to be announced Jan. 22, 2010, will receive a prize package valued at more than $50,000, including cash and business services to help start their business.
The Las Vegas area's economy could certainly use the help. Even though the area managed to see an increase in employment last month, the unemployment rate continued to climb.
During September, the Las Vegas-Paradise area saw its unemployment rate increase from 13.4 percent to 13.9 percent, which is higher than the national unemployment rate of 9.8 percent.
The area had a total non-farm employment of 854,300 workers during September, according to the U.S. Department of Labor Bureau of Labor Statistics. This is up from 844,700 workers during August, but a 6.2 percent decrease from last year.