With a little planning and paperwork, your company could be in the running for $40,000 in grants.

The Business Revitalization and Innovation Competition is presented by The El Pomar Institute for Innovation and Commercialization at the University of Colorado at Colorado Springs.

About 10 companies will be chosen to compete for first, second and third place.

The competition will match student teams with companies to help local businesses utilize intellectual capital and learn to be competitive in the future.

The deadline for competitive applications is Sept. 15.

“We’d like for competing companies to run the gamut all the way from a high-tech company with a new product, to a service company or a nonprofit that needs a new model for effectively getting their goods and services into the hands of more clients,” said Dr. Michael C. Larson, associate vice chancellor for research and El Pomar Chair of Engineering and Innovation.

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Companies that don’t place in the top three will still benefit from collaborating with students and the university in revitalizing their business model, or improving marketing, product delivery, environmental efficiency or developing a new product.

“Our goal is to benefit local companies and develop long-term partnerships in the community,” Larson said. “We want companies to be nimble and able to adjust to the economy.”
The timeline of events is as follows: 

Sept. 15 – Applications are due to the EPIIC office
Sep. 30 – Notification of participating companies
Oct. 15 – Student teams are assigned to participating companies
Jan. 30 – Written plans are due to the EPIIC office
Feb. 15 – Oral presentations of plans pitched to panel of judges
March 1 – Winners are announced
March 2010 to Feb. 2011 – Student teams and companies implement plan
Feb. 15, 2011 – Presentation of outcomes and achievements

For more information, visit the EPIIC’s Web site.