A Northwestern business competition that supports promising student entrepreneurs has received a $100,000 Wells Fargo Clean Technology and Innovation Grant, the University announced Friday.

The NU Venture Challenge is a yearly competition that awards monetary prizes to teams that “pitch innovative ideas from five different industry-specific tracks,” according to a University press release.

The grant, funded by the Wells Fargo Foundation, aims to encourage economic development to help the “green” economy.

“Wells Fargo is proud to support Northwestern and its outstanding (Venture Challenge) program,” said Ashley Grosh, vice president of Wells Fargo Environmental Affairs, said in a news release. “This program and its mission to foster innovation and bring technologies to the marketplace aligns with the goals of the Wells Fargo Cleantech and Innovation grant program to help solve critical challenges across our communities.”

At least 100 undergraduate and graduate Northwestern students have participated in the challenge in the last six years. In 2014, about $175,000 was awarded, according to the University.

“We are excited to be a recipient of this highly competitive grant,” Weinberg junior Michael Krakaris, Venture Challenge’s student director, said in the news release. “We truly appreciate being recognized.”

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