This is an exciting time for Nevada business.
In fiscal year 2003-2004, 38 California companies relocated or expanded to Nevada, creating about 1,500 new jobs, according to the Nevada Economic Development Partnership.
The partnership also noted a 50 percent increase in inquiries from California companies during the past year, and I am confident that this number will only increase in coming years.
As Nevada's business community continues to expand and attract new business ventures, it is important to continually cultivate new potential business leaders among our university students.Academic institutions across Nevada have established advanced programs to educate our youth about business, while providing them with the essential tools and skills they need to succeed.
I am pleased and impressed with the development of entrepreneurship programs at the University of Nevada, as well as Sierra Nevada College's Entrepreneurship Program ranked as a top tier regional entrepreneurial college for 2005 by Entrepreneur Magazine.
This month marks Nevada's first annual Donald W.
Reynolds Governor's Cup Business Plan Competition a competition in our community that will greatly contribute to our students' business and entrepreneurial education, our university system's reputation, and the image of Nevada as a business-savvy state across the country.
Through the generosity of the Donald W.
Reynolds Foundation, business students across Nevada have the opportunity to compete for generous cash prizes.After the first round of judging, six finalist student teams will have the chance to work with some of Nevada's most successful entrepreneurs and business owners, who will coach the teams on their business plans and presentations.
One of the competition's greatest benefits to students is their access to professional advice from these experienced businessmen and businesswomen.
Additionally, student participants will gain valuable experience and knowledge regarding starting a business, teambuilding and overall business planning.
The six finalist teams will then present their business plans to a panel of judges on April 27.At the Awards Gala that night, the grand prize winner will collect $20,000, second place will take home $10,000, and third place will win $5,000.
The prize money is then divided among the team members,with $1,000 awarded to each team's faculty advisor.
According to a study conducted by the Kaufman Foundation on similar competitions, student participants are three times more likely to be involved in the creation of a new business venture than their non-entrepreneurial graduates.
In addition, participants earn on average an annual income 27 percent higher than nonentrepreneurship graduates.
The experiences and knowledge that student participants will acquire through this competition is invaluable, and will help cultivate tomorrow's leading business professionals.
In helping to develop and refine students' business skills, the competition also provides a tremendous benefit to Nevada's business community.
Through their support of the competition, businesses throughout Nevada can help shape these students as our state's future business leaders.
And at the Awards Gala in April, business leaders will have an opportunity to meet these bright and talented student entrepreneurs.
Perhaps the greatest benefit of the business plan competition is the opportunity for Nevada's government officials, educators, and business professionals to work together in support of a common goal.
The collaboration of these three entities will help Nevada business and education continue to thrive in coming years.
Involving business professionals in the education of our youth is a crucial step in the growth of our business community.
I strongly encourage our state's educators and business leaders to support this competition by attending the Donald W.
Reynolds Governor's Cup Awards Gala.
The event is on April 27 at John Ascuaga's Nugget.
Lorraine Hunt is Nevada's lieutenant governor and serves as chair of the Nevada Commission on Economic Development.
