Do you have a great idea for an app? Or perhaps a new piece of technology or a new process that will change not only the Badger State but the world? Then the Wisconsin Governor’s Business Plan Contest is for you. The contest, now in its 20th year, is accepting entries online through Tuesday, Jan. 31.

Finalists that emerge from the multistep competition, which concludes in June, will be eligible for thousands of dollars’ worth of cash and service prizes.

“The contest is designed to encourage entrepreneurs in the startup stage of tech-based businesses in Wisconsin,” the contest’s website states. “It links up-and-coming entrepreneurs with a statewide network of community resources, expert advice and mentoring, management talent, and possible sources of capital.”

Winners in the 2022 contest shared in more than $125,000 in prizes, while since 2004 prizes have reached a total value of $2.5 million (including legal, accounting, and marketing services and office space). What may be ever more valuable, however, is public and media exposure received by winning startups.

Categories in the contest are Advanced Manufacturing, Business Services, Information Technology, and Life Sciences.

The contest is open to Wisconsin residents 18 and older, teams from Wisconsin-based businesses or organizations, as well as businesses and teams from outside the state who “demonstrate intent to base or expand their businesses in Wisconsin.” Companies or individuals must not have received angel investment for their business plans in their current form.

Phase 1 of the contest is open until 11:59pm Tuesday, Jan. 31. According to the contest website,“Entries should be roughly 250 words and will be graded by the pool of BPC judges. The top 50 idea abstracts will advance to Phase 2.”

The second and third phases winnow the field further, and require contestants to supply greater details about their startups. Finally, the top 12 entries, the so-called “Diligent Dozens,” will make live presentations at the Wisconsin Entrepreneurs’ Conference in June.

Major sponsors of the contest include the Wisconsin Economic Development Corp.

Learn more about the contest and how you can enter at govsbizplancontest.com.