Next-Gen Entrepreneurs - Part 1

 

For 25 years, the John P. Ellbogen $50K Entrepreneurship Competition has encouraged and rewarded the next generation of entrepreneurs. 

 

By Micaela Myers

 

For 25 years, the John P. Ellbogen $50K Entrepreneurship Competition at the University of Wyoming has been encouraging students across the state to turn their ideas into thriving businesses. Open to all UW and community college students, the competition awards cash prizes to top ventures with strong business potential. Participants gain access to business consulting, mentorship from C-level executives, financial guidance and a network of investors and partners. Multidisciplinary teams are encouraged, fostering diverse skill sets essential for success.

“The Ellbogen Entrepreneurship Competition was a transformative experience for our team,” says MBA student Chooi Kim Lau, whose team was a 2025 finalist. “It provided the structure and mentorship needed to refine our business model and build a strong foundation for Carbonado Technology. We developed a full-scale business plan including marketing strategies, financial projections and a competitor analysis. Most importantly, we gained valuable training in delivering a compelling business pitch — an essential tool for attracting investors and engaging community partners. This experience helped us transition from concept to company with clarity and confidence.”

 

Competition Evolution
In 2000, the competition launched with contributions from First Interstate Bank and the Woodson Family Foundation. It grew in 2005, when First Interstate made another commitment that was matched by the state of Wyoming. Five years later, the John P. Ellbogen Foundation made a donation that was also matched by the state of Wyoming. In 2011, the prize money increased to $30,000, and the event was renamed the John P. Ellbogen $30K Competition. In 2017, First Interstate and the John P. Ellbogen Foundation made additional commitments matched by the state of Wyoming that increased the cash prize given each year, so the name changed once more to become the John P. Ellbogen $50K Entrepreneurship Competition.

The competition has also grown in entries and business types. 

“We were delighted this year with the broad range of entrepreneurs,” says College of Business Senior Assistant Dean Ben Cook. “Entries ranged from a business that created a clothing brand focused on the waterfowl hunting industry to a business focused on repurposing spent nuclear fuel to generate additional power.”

The competition also adjusted its scheduling, reducing from two days of spread–out events to one streamlined day to make it easier for interested parties to observe and participate.

“One of the guiding principles we had this year was to make the event all-encompassing — one event that everybody comes and sees, from the business pitches all the way to the awards. In order to do that, we needed to make sure that the event was constrained to a reasonable time, so we were very diligent about making sure that the individual participants had an explicit amount of time to pitch and to address questions.”

A resource fair benefits participants and the public, offering tabling for entrepreneurial resources such as the Small Business Development Center, the Wyoming Business Council and the Center for Entrepreneurship and Innovation. Lunch was served while the judges deliberated, and then the winners were announced. 

“We wanted to make it a high-production value,” Cook says. “It was very professional, with an amazing stage setup and environment.”
To make sure students from Wyoming community colleges and various majors could participate, the competition also changed the previous course requirement to a series of workshops that cover everything from marketing and operations to financing and pitch practices with coaching. 

 

“This year we had 28 applicants in round one,” says College of Business Entrepreneurial Activity and Events Coordinator Hannah McLean-Leonard. “They were all expected to do a written summary with the key points about the business idea. The top 16 progressed to round two, where they wrote a full business plan and gave a six-minute virtual pitch.”

Each round utilized a different set of judges, who all volunteer their time and expertise. In December, the eight finalists were announced. All the finalists went through the educational workshops and pitch practices, received mentorship and coaching, and completed a full business plan before the May competition. 

Another aspect of the competition that evolved is how the award money is distributed.

“In the past, some entrants would walk away with nothing from the competition, and we felt like that didn’t really reward the level of effort,” Cook says. “Under the new format, all businesses that make it to the second round receive some funding.”

All finalists receive additional funding that can be used for things like product prototypes or graphic design for a business logo. In addition to the top three prizes, there are a number of individual prizes, such as audience choice, small-to-medium enterprises, innovation and ethics awards. Half of the prize money is given up front, and the other half is given several months later after a progress report. 

The mentorship continues after the end of the school year. “Every participant is encouraged to apply for our Venture Mentoring Service, which we launched this year,” Cook says. “It brings in entrepreneurs from our alumni network and other businesspeople to offer virtual mentoring. Teams can get three to four businesspeople to serve as confidential guides and mentors for them to continue developing.”

 

Cook is grateful to the many entities that support the competition, including the Center for Entrepreneurship and Innovation. 

 

Read about the finalists here.