Las Vegas NowCompetition Looks to Bring New Life to Las Vegas Economy

Competition Looks to Bring New Life to Las Vegas Economy

Local entrepreneurs who think they have the next best idea to jump-start Las Vegas' economy have a chance to start up their own business. UNLV is holding its Southern Nevada Business Plan contest and this year it's not just for students.

You can't just submit any business plan. Your idea has to spur economic growth in the valley, whether it's through creating jobs or creating wealth. And at a time when entrepreneurs are struggling to get those small business loans, organizers say this contest may just be the extra help they need.

Forty-eight-year-old entrepreneur Howell Shaw thinks he has the perfect idea to help pull Las Vegas out of its economic downturn. He's created a way to use ceramic piping to water plants throughout the valley. "By installing this system, you are going to be saving up to 90-percent on your water bill right then and there," he said.

He says this plan isn't just going to save money, it's going to save water and create jobs. Though he strongly believes in his idea, he says getting others to jump on board is the hard part. "Part of the reason why start-ups flounder is that they don't have the right people and the right capital backing them up in the first place," he said.

But thanks to the Southern Nevada Business Plan competition, Shaw's idea is going to get some attention from investors and professors in town.

UNLV's Director of Entrepreneurship Steven Phelan says this competition gives idea-makers a shot at starting their own business. "The judging criteria centers around economic impact. So we are looking for the idea with the greatest economic impact, whether that's hiring people or creating wealth for the community," he said.

Phelan say this competition couldn't have come at a better time. "Obviously the economy is suffering greatly -- the worst since the great depression of the 30's. So anything that can get people to diversify the economy and get into new businesses is great," he said.

The winner of the competition gets $5,000 in cash, plus $60,000 in services like marketing, advertising, IT help and office space. For applicants like Shaw, this may just be the extra help he's been looking for. "We're doing a good thing -- good for the environment and the economy -- all at the same time," he said.

The deadline is supposed to be Friday, but may be extended until Monday. The winner will be announced in January.