POTSDAM -- Clarkson University is seeking applications for its 2016 Young Innovators and Entrepreneurs Competition.

Clarkson's annual competition allows up to five young entrepreneurs or innovators to have an opportunity to attend Clarkson without tuition through a combination of merit-based financial aid and the acquisition by the University of an ownership interest in their business ventures in lieu of tuition payments.

For consideration, prospective students who either are operating a business or have a commercializable innovation must apply by Jan. 15. Program applicants also must apply for admission to the University. Up to 10 finalists will be selected to present their business or patentable idea to a panel of expert innovators and entrepreneurs at Clarkson.

Of those 10, up to five students will be chosen as Young Entrepreneurs or Young Innovators. These students remain responsible for other costs incurred in connection with attendance, including expenses such as housing, meals, books and supplies.

In addition, these students’ businesses will receive the services of the Reh Center for Entrepreneurship and/or the Shipley Center for Innovation, advice from alumni mentors, and will be offered space at no charge in the Peyton Hall incubator. The remaining finalists will also receive services from the Reh and/or Shipley Centers.

Applicants must submit a completed business plan, a 90-second-or-less video that answers the question "Who am I, outside of my business?" and a brief description of their business. Entrants will be reviewed by the staff of the Reh and Shipley Centers and/or faculty with expertise related to the proposals as necessary.

Potential applicants should be prepared to discuss a vision for their business or innovation and its feasibility.

Applications for the 2016 Young Innovators and Entrepreneurs Competition are now being accepted at clarkson.edu/equity.