As someone with basically no business instincts whatsoever, I might not be the best judge of these things, but recent University of Arizona graduate Stephen Ost is in the running for College Entrepreneur of the Year for his post-class hangout app concept U Free. If he wins, he'd get $5000 in cash and some other stuff, plus I think we'd all agree we'd rather that money go to a Wildcat instead of someone from BYU (something with cakes, I think), Purdue (fancy grocery stores?), Babson (not a real school, I'm pretty sure) and God forbid, some guy from Girls Gone Wild University and Casino trying to purify water.
Voting is relatively painless, you just have to login in through a social network. Good luck, Stephen.