Business-idea contest to pay $100,000

A local version of "Shark Tank" is coming to Nevada.

The TV show in which budding entrepreneurs fast pitch their business ideas to a team of investors is being replicated in a $100,000 contest sponsored by the Nevada Institute for Renewable Energy Commercialization (NIREC) and the Nevada Governor's Office of Economic Development (GOED).

Here's how the sponsors of the contest, called Project Vesto, describe it: "$100,000 cash. Your business idea. A room of investors. Five minutes. One chance to prove you have what it takes."

Anyone with an idea for a business and a business model canvas that outlines their plan can apply at www.ves.to to take part. The deadline for applications is Nov. 30 and the form and instructions to create a business model canvas can be downloaded at the Web site. Existing Nevada businesses with under $1 million in revenue and less than $100,000 in private investment equity can apply as well as those with new business ideas.

"We'll be industry agnostic and looking at the best business plans that come in," says Daniel Herr, program manager for Project Vesto.

Those chosen to participate will present their ideas to a panel of five or more investors in events being held in Reno, Las Vegas and, virtually, at the Great Basin College in Elko in December. The investors will be venture capitalists or private equity firms that are either located in Nevada or already invest in the state.

The best 10 proposals will be chosen and contestants will promote themselves via social media throughout January while anyone in the state will be able to vote online for what they consider to be the best idea. The project is considering ways, such as limiting voting to one vote per Internet address or one vote per day, so no one can game the system, says Herr, but NIREC and GOED wanted average Nevadans and not just investors to have a say in the outcome.

The $100,000 winner, which will be required to have a Nevada business license and locate operations in the Silver State, will be announced in February.