Six Iowa State students will get the chance to start their own business, thanks to a competition sponsored by the Iowa State University Research Foundation.

The students are competing in ISU College of Business’ 1998 Graduate Competition in New Venture Planning.

The final step of the competition will take place Thursday, when a panel of entrepreneurs, lenders and economic development officials will review the three business plans.

The business plans will be judged on thoroughness, presentation and viability. The three remaining plans have already been through one cut, which took place earlier this year.

The award for the projects will be $8,000 to the first-place winners, $4,000 for second place and $2,000 for third place. The award money is intended to go toward starting the proposed business.

“We really want to encourage students to start their own business,” said Gary Koppenhaver, associate professor of business. “This competition helps the state of Iowa as well. It is kind of like an outreach program.”

Koppenhaver said the competition also was started to spark entrepreneurship.

“Some of the hottest entrepreneurs across the country are found on college campuses,” he said. “Iowa State is no different, especially with the volume of patents generated here.”

Koppenhaver said last year’s winners are in the process of starting their business.

“Crypto Corporation” was developed by Remus Ilies and Rainer Mues, both graduate students in business administration. “Innovative Medical Devices” was created by Jeffrey Etringer, senior in engineering operations, and Surya Loonker, graduate student in business administration. “Integrated Purchasing Partner” was produced by Valerie Wiese and Todd McGuire, both graduate students in business administration.

The groups began preparing their first-round proposals last summer.

Mues first heard about the competition in class.

“We started looking out for new technology and eventually decided to develop the network security bridge,” Mues said.

Mues said it connects local networks to larger networks and provides date security by means of encryption.

Etringer said the competition has been a great learning experience for him.

“With my engineering background, it was great to learn about the business aspects of a new company,” Etringer said. “It is really a great application of everything you have learned in school.”