March Madness isn't just for basketball. Colleges have business plan competitions going on, too. The Wall Street Journal recently ran an article on how exciting these competitions can be. Students learn from the process and the feedback. And they have the chance to win seed capital for their ideas in the form of cash prizes.
(I've also shared the article in my sidebar.)
A few years ago, I mentored a business plan team from Wharton one year and was really impressed by the quality of the writing, research, thinking and creativity. Another year, I met the winners of the business plan competition at Princeton. Wow! Were those kids impressive. I often wonder if they actually got their business off the ground.
If you're a student, see if your college has a contest. If not, start one.