In just a year, it has become one of the most sought-after prizes for student entrepreneurs. The team, MacuCLEAR- from the University of Texas at Austin, a pharmaceutical company, took top honors in UT Tyler's 2007 Business Plan competition at.
The competition is the brain-child of UT Tyler and East Texas entrepreneur Robert Peltier. And the contest means big things both for the winner, and the entire city of Tyler.
"I said 'I have a great idea I'd like you to help me with, I'd like to promote UT Tyler and promote entrepreneurship in East Texas so it really works to combine each other,'" Peltier said.
Arick Williams, a competitor said, "This is what we are going to do, go out and share our ideas and get people to come on board and deal with this company and get feedback."
Last year's top business was Lono Medical Systems.
Nick Orenstein, started Lono Medical Systems, he told KLTV, "We've been in operation since last August and this competition gave us that momentum to get started."
Last year, the winner won $100,000, but this year there was an added incentive. The Tyler Economic Development Council said they would give an additional $100,000 if they would move there business right here to Tyler.
"So that would create new jobs right here in Tyler," said Jim Tarter, Ph.D. Dean, College of Business and Technology at UT Tyler.
A good thing for the city, the University, and most of all these young entrepreneurs.
MacuCLEAR is not sure whether they will relocate to Tyler, but said they will consider it as an option.