Colorado-based start-up ventures or businesses can apply to win part of $50,000 in prize money in the fifth annual Monfort College of Business Entrepreneurial Challenge at the University of Northern Colorado.

Entrepreneurs can submit entries online at www.mcb-echallenge.com. The deadline for applications is Friday, Nov. 8.

Entries will be scrutinized by a panel of experts and semi-finalists will be notified by Nov. 22. Following a second presentation, five finalists will be selected and explain their business plan in a "Shark Tank" format to three judges at Monfort College of Business Entrepreneurial Challenge on Tuesday, March 25.

The first place winner will receive $25,000, second-place $15,000, and the third-place prize is $10,000. Winners will also receive business incubator services from UNC BizHub, the new business incubator at the university.

Past prize winners have included Vertikle Enterprises LLC/5280 Prosthetics, a prosthetic company that took first place in 2013, Branch Out Cider, a Northern Colorado craft cider company which placed second in 2012, and Panda Bicycles, a Fort Collins manufacturer of bamboo bicycles that placed second in 2011.