Cayusa, Flickr

The sixth annual New Ideas SC Contest is asking SC residents to share their innovative ideas for a chance to win cash prizes to make your business idea come true.

It can be an idea about a product or a service and entries must be received by September 20, 2010. Ideas can be submitted in several categories: Bio-Science, Environmental Sustainability, Engineering, Software & Internet Technology and the most popular – Wildcard.

Winners will be chosen based on the idea’s viability, innovation/vision and profit/revenue potential. Category Winners receive $2500.00 and Category Runner-Ups receive $1000.00. All Category winners receive a scholarship to the FastTrac® entrepreneurial training class of their choice (NewVenture™, GrowthVenture™ or TechVenture™). The grand prize winner will receive $5,000 to jump start this business idea, plus a ‘Dream Team’ of advisors and a scholarship to the FastTrac® entrepreneurial training program of your choice.

Click here to submit your idea and  questions, like: “What is your overall business concept or idea? Give us an ‘elevator pitch’ in 500 words or less” and “What market need or problem are you addressing with your idea?”

Prizes will be awarded at the Small Business Innovation Summit on November 3, 2010 in Charleston, SC. This event attracts business leaders, economic developers, entrepreneurs and technology based service providers to showcase technology and innovation based business opportunities. Past topics include aerospace, bioscience, alternative energy, entrepreneurialism, funding a business, intellectual property, marketing, educational resources, attracting talent and much more. The Summit will focus on innovation within the small business community– how small businesses through innovation can create jobs and guide South Carolina into the future.