The 8th Continent Project today announced its 2009 Business Plan Competition for university students. Formerly known as Lunar Ventures, the competition focuses on developing viable space-related business plans for technologies that have real-world potential.

The 8th Continent Project Business Plan Competition challenges students in business, engineering and science to collaborate in creating business ventures related to space, but with immediate application on Earth. Teams should consist primarily of graduate students, although undergraduate participation is welcome. Prizes for the winner include up to $50,000 in cash and in-kind services.

"We've had some incredible venture ideas come out of our business plan competition program over the last two years," said Burke Fort, 8th Continent Director. "We want to make sure to continue to support space technology development by giving students a chance to put together business plans that could result in funding for them, but also will ultimately fuel the emerging space business industry."

Lumedyne Technologies, winner of the inaugural competition with a revolutionary accelerometer that has applications in spacecraft and aerospace navigation as well as oil and gas exploration, recently closed a $1 million funding round. Last year's winner, iShoe, which leverages NASA technology and research to aid the elderly with balance, continues to gain support within the business community and recently competed in the global Moot Court competition.