SiliconBeat

China-based business-to-business e-commerce site Alibaba.com, which has an operation in Silicon Valley, is doing its part to help the American economy.
It just announced a “Newpreneur of the Year” contest, which will award a total of $100,000 to entrepreneurs starting a new venture amid the recession. The contest, presented in partnership with Inc, is hosted at www.inc.com/alibaba, where entries can be submitted until August 14, 2009.
A panel of judges will review the online submissions and invite 30 semi-finalists to present their idea at regional events in October held in six cities; New York City, Miami, Dallas, Chicago, Seattle and Los Angeles.

Twelve 12 finalists will be profiled www.inc.com/alibaba for public voting. Then the top five finalists will be invited to the finale event in San Francisco on November 18, 2009 where the grand prize winner will be revealed. The winner will receive $50,000 to invest in their business. The four remaining finalists will split $50,000.