TUSCALOOSA, Ala. -- The University of Alabama African-American Graduate Student Association is encouraging the idea of entrepreneurship and sponsoring a 2006 Business Plan Competition for African-American Students.

The competition is open to all UA African-American students in good standing enrolled full time during the fall 2006 and spring 2007 semesters.

Students may enter as individuals or teams of up to five students.

Each individual or team submits a business concept that describes the proposed business. The business concept is the document used to determine which students will be invited to submit a full, detailed business plan for the competition

The judging panel will consist of individuals selected from the entrepreneurial community, as well as key advisers including professors, lawyers and investors. Students must "sell" the judges on their business plan.

Awards will include a grand prize of $2,500, made possible by the UA African-American Graduate Student Association; the first runner-up prize of $1,000, made possible by the Culverhouse College of Commerce and Business Administration; and the second runner-up prize of $500, made possible by the UA Black Faculty and Staff Association.

The winning business plans will be announced and prizes given at an awards banquet to be held during African-American Heritage Month and Entrepreneurship Week, Feb. 24-March 3, 2007.

Application deadline is Dec. 1. A $25 entrance fee must accompany the application form. For more information and to download the application form, go to www.bama.ua.edu/~aagsaua/businessplan/.