NewSpace Chicago, an open community of space entrepreneurs in Chicago, announced they are holding a business plan competition (BPC) to encourage the development of commercial ventures in outer space. The competition is focused on space-related and space-scalable business start-ups in and around the Chicagoland area. The NewSpace Chicago BPC will be held from 9:00 to 12:00 on March 16, at 1871, a local high-tech incubator in downtown Chicago. Submissions will be accepted from February 2 until March 9. Contestants will compete in a “shark-tank” style event, each having 15 minutes to present their business plan and answer questions before a panel of judges. The winner of the NewSpace Chicago BPC will receive a $2,500 cash prize and a guaranteed place in the national NewSpace BPC, to be held in Seattle on June 23, 2016.