Last week I hosted the third annual Entrepreneurial Idol, a competition at Chicago State University that offers local entrepreneurs the chance to share their business plans with a group of panelists consisting of national business leaders, state officials and city officials for the chance to win $7,500. This year's winner was Derrius Quarles, founder of Million Dollar Scholar, an education technology venture that guides students through the scholarship and financial aid process to make higher education affordable. Startups like Million Dollar Scholar are working to make Illinois the next Silicon Valley by keeping job creation and innovation alive.

With the help of the Chicago Innovation Exchange and countless mentors throughout Chicagoland, more businesses and entrepreneurs will be able to grow and thrive. Entrepreneurial Idol was created to spur innovation and highlight entrepreneurship on the South Side of Chicago. Five finalists were chosen to present in the final round of this year's competition. All five finalists will be connected with mentors, businesses and innovation centers throughout the Chicagoland area that will help their businesses grow and thrive.

In addition to taking the first place prize of $7,500, Million Dollar Scholar will be offered a six-month mentorship by the Chicago Innovation Exchange (CIE), Chicago's newest innovation incubator that has partnered with University of Chicago to establish a large global network of resources for entrepreneurs.

This year's Entrepreneurial Idol finalists included:

1st Place Winner
Million Dollar Scholar
Presented by Derrius Quarles
An education technology venture that guides students through the scholarship and financial aid process to make higher education affordable.

2nd Place Winner
University Football Rentals
Presented by Mike Doyle
A business that provides college football fans across the country with quality lodging for football weekends in college towns by connecting them with local homeowners who are willing to make their properties available.

3rd Place Winner
Küdzoo
Presented by Trevor Wilkins
A mobile app that rewards students by turning good grades into tangible rewards such as discounts at local and national businesses.

Finalist
Solo Noir LLC
Presented by Andrea Polk
A skin care line for ethnic men offering cutting edge skin care technologies.

Finalist
Hip-Hop DetoxX
Presented by Enoch Muhammad
A public health organization that strengthens healthy lifestyle behaviors in urban youth through the use of Hip Hop and pop culture.

Previous winners include CEO Sherrod Woods and his firm, 3 NetWise, which created a portable ECG heart monitor, and Freenters, a business that provides free printing services to college students.