NASA has announced the Space Frontier Business Plan competition. The event will be spread over three days and will be held at NASA Ames, in the U.S., in July.

The competition has been designed keeping new and independent companies in mind and, therefore, encourages and supports entrepreneurs who deal with space technology; such companies could contribute to the expansion of economic activity in space and on Earth.

The finalists will be allowed a chance to showcase their business plans on a public platform. These plans will then be reviewed by a panel of world-class entrepreneurs, venture capitalists and finance professionals. The winner will receive an award of $100,000 for the best business plan and the runner-up will receive $10,000. Finally, a "Boot Camp" will be held, where the finalists will receive expert training in promoting and developing business plans.

According to the officials, the competition also includes a review of business plans submitted by each entrepreneur. These reviews will be conducted by space industry experts and investors.

"As NASA's Silicon Valley center, we're continuing our tradition of supporting entrepreneurs and encouraging the venture capital community to become familiar with the new opportunities that are emerging in space," said NASA Ames Research Center Director Pete Worden.
"Part of our role is to encourage economic growth and development and at NASA, we look to build on some of the nation's strongest assets to do so - including our skilled technical workforce, our commercial creativity and our entrepreneurial spirit," he added.