55 advance in business plan contest

Fifty-five fledgeling companies and ideas passed muster in the first round of the Governor's Business Plan Contest, organizers said on Wednesday.

They were chosen from 188 submissions by a panel of judges based on brief summaries of their businesses and represent various municipalities, with concentrations in the Madison and Milwaukee areas.

That's down from 200 entries last year and 330 in 2004, the first contest. But Mark Bugher, chairman of the Wisconsin Technology Council, which runs the contest, said the quality of the entries has increased.

Phase two involves 1,000-word business plans that will be evaluated by the judges and distributed to 200 angel investors. The top 20 entrants will submit their full business plans and head into the final stretch vying for a first prize worth $50,000, several other prizes, and recognition.