The MWest Challenge kicked off on Nov. 19. Students throughout the Midwest will participate to develop a new business venture based on their ideas.

The third annual edition of the challenge involves eight different West Michigan colleges and universities, totaling more than 75,000 students. Students can compete for over $20,000 in cash prizes.

On top of the prize money, students will have the opportunity to access exclusive resources. From mentors and educational resources to the ability to network with angel and venture capital investors, students will have the chance to further their knowledge even if they do not win.

Shorouq Almallah, associate director at the Richard M. and Helen DeVos Center for Entrepreneurship and Innovation, said GVSU participates in the event to help students gain knowledge.

GVSU students will work with students from a variety of colleges, from Kendall College of Art and Design to Davenport University.

“We come together to help foster entrepreneurship on our campuses, to collaborate on initiatives that target entrepreneurship,” Almallah said.

She said the MWest Challenge is meant to help students explore and grow their ideas. The Center for Entrepreneurship and Innovation can help students get started with developing their ideas into a business plan.

Working with other schools helped the entire process, Almallah said. While working with other schools, GVSU students can think of plans that actively affect the community outside of the university.

Many students may have an idea for a business or a product. However, the event is not restricted to students who work in the business or entrepreneurial world. Almallah said students who have an interest in entrepreneurship and idea development are also welcome to participate in the challenge.

While the challenge is available to a large amount of students, growth is not a central goal of the future of the challenge. Instead of merely having the opportunity to send more students to the competition, Almallah hopes to have more startups and companies emerge.

“We will be looking for the impact,” she said. “We’re not just looking to grow the MWest Challenge. What we have right now works really well — it allows us to dedicate enough resources and time and money into it.”

If the event were to grow too much, teams would lose the individual attention they receive during the competition. Instead, growth is measured by how those team’s ideas impact their communities.

Zoe Bruyn, president of the Collegiate Entrepreneur’s Organization at Grand Valley State University, has participated in MWest Challenge in the past.

“Even though I didn’t win any money, I made a lot of contacts at the event that have been able to help me further my idea,” Bruyn said.

Bruyn said the center provides a fantastic opportunity for students. Though many students already have an idea or a business they want to develop, she said the university needs to provide the right tools for them.

“I think it’s up to Grand Valley to provide an entrepreneurial ecosystem so students can continue to develop their ideas and to get that experience,” Bruyn said.