The Sontag Entrepreneurship Award Competition was established by the College of Business at the University of Nevada, Reno to develop the entrepreneurial capacities of University of Nevada, Reno students and facilitate the students’ creation of new businesses in Nevada. The Sontag Entrepreneurship Award was funded with a major gift from alumnus Rick Sontag to the University of Nevada in 2011. The endowment created by the gift funds the award in perpetuity. The Award is a single prize of $50,000, given at the end of each spring semester to the winner of the competition, which takes place throughout the academic school year. The vision for the Competition and Award is the development of the next generation of entrepreneurs, leading to the launch of new business ventures by the students.