High school students could win a free ride to UVM in Shark Tank-esque pitch contest.

High school students interested in entrepreneurship could earn a free ride to the University of Vermont.

UVM launched the Vermont Pitch Challenge, a business idea development program and pitch contest, that will award the winner a full tuition scholarship to the college and runners up in the top five cash prizes at $5,000 or $1,000. Think Shark Tank but contestants are given feedback in advance about their idea and what makes a great pitch.

"The Vermont Pitch Challenge is a great new platform for young minds to bring their creativity and entrepreneurial skills to life,” said Jay Jacobs, UVM vice provost for enrollment management. “We believe in nurturing the next generation of innovators and providing them with the tools and mentorship needed to turn their ideas into reality, and this unique opportunity achieves exactly that."

Students from all over the world can sign up for the program which includes seven monthly webinars put on by UVM faculty, staff and renowned entrepreneurs.

Vermonter and UVM alum Lisa Lindahl, who is the co-creator of the first sports bra and a 2022 National Inventors Hall of Fame Inductee, will be one of the entrepreneurs advising students. The training will guide students as they develop their business plans and UVM business and entrepreneur club students will serve as mentors during the process.

Top 5 to make their pitch in person

In January, individuals and teams of three or fewer can declare their intent to compete in the pitch. Five individuals or teams will be chosen to pitch their business idea in person on April 4. The judging panel will be made up of the UVM students who guided the pitch contestants through the program.

Entrants will be judged on how the product or service offers a solution to a problem, creates a positive impact, is different than what is available in the market and potential to effectively achieve its goals.

Mason Tuff, who is the team lead for the Academic Research Commercialization program − the group of students that will introduce, guide and judge the Vermont Pitch Challenge − attributes their own entrepreneurial endeavors to the support they've received at UVM and is excited to kick off this new program.

"It’s a great way to discover young entrepreneurs and support their journey from the beginning of a new business concept to an actual start up.”

Important dates for Vermont Pitch Challenge

If you, or a high school student you know, would like to participate in the program, now is the time sign up to receive updates about the program or register for the first event.

Intro event and first Entrepreneurial Exchange webinar7 p.m., Tuesday, Sep. 12Registration required to attend Zoom meeting.

• Other Entrepreneurial Exchanges will take place the second Tuesday of each month at 7 p.m. Dates include: Sep. 12, Oct. 10, Nov. 14, Dec. 12, Jan. 9, Feb. 13, March 12.

• Applications to compete in the final pitch are open between Jan. 15 and Feb. 15.

• Top five finalists are announced in March.

• The In-person pitch and the announcement of the grand prize winner will be April 4.

Winning the grand prize could save Vermont residents $65,120 or out-of-state students $165,120 in tuition costs to the university over four years. The full tuition scholarship award is contingent upon acceptance to UVM and is not a guarantee of acceptance. The cash prizes will be given as checks to the recipients.

More information can be found at https://www.uvm.edu/admissions/undergraduate/vermont-pitch-challenge.

Contact reporter April Barton at abarton@freepressmedia.com or 802-660-1854. Follow her on Twitter @aprildbarton.

This article originally appeared on Burlington Free Press: UVM awards scholarships and cash for Vermont Pitch Challenge