Students at colleges and universities are generally considered to be short on funds. They famously dine on Ramen noodles and drag their laundry to mom and dad’s because they never have quarters for the laundry mat. Crippled with student loans and debt they enter the workforce and slowly pay down the sometimes astronomical balance. Most of them don’t feel comfortable taking out additional loans to buy a home or start a business. Fingers point in numerous directions when it comes to the death of entrepreneurship and small business- regulations, corporations, the education system itself-but no matter where you think the blame should be placed without money no one can start a business.

First Look West (FLoW), managed by Caltech, is sponsoring a competition open to teams of university students with clean energy business plans or businesses already in place in the western part of the United States. This includes students in California, Alaska, Idaho, Hawaii, Nevada, Oregon, Washington, American Samoa, and Guam. FLoW will award $200,000 in prizes to three teams with $100,000 going to the first place winner and $60,000 and $40,000 allocated to the second and third place winners. They will also place mentors with the teams, offer legal start-up packages, and the opportunity to meet directly with investors.

"FLoW will provide students with the lifelong skills needed to start new ventures now or in the future and transform promising energy technologies into innovative energy products that will create jobs, boost American competitiveness, and strengthen the economy," said Krisztina "Z" Holly, Vice Provost for Innovation at USC, as well as a member of the National Advisory Council for Innovation and Entrepreneurship.

Existing businesses that place in FLoW’s competition will face winning teams from six other regions in June’s National Competition in Washington D.C. Outlines are not eligible to compete nationally but will be honored in May at the Regional Awards Event in Pasadena.

The deadline for applications is February 28th, 2012. If you are a college student that has been tossing around clean energy ideas with your buddies now would be the time to write up your most promising idea for submission. Already existing businesses may want to throw away stray pizza boxes and clean up work areas to prevent embarrassment when you win.

To apply to be a mentor or for a complete list of rules and details about the competition please visit FLoW’s website.