$25,000 AWAITS PEPPERDINE BUSINESS-PLAN CONTEST WINNER.

Byline: Evan Pondel Staff Writer

Business plans mean nothing without execution. But Pepperdine University's Graziadio School of Business is trying to prove otherwise.

Tucked away in the foothills of Malibu, the awe-inspiring view of the Pacific Ocean is washing up a few entrepreneurs.

Though a bit salted and gritty, students and alumni are brainstorming ideas, preparing for the first business plan competition.

With submissions not due until January, Shawn Church, an alumnus of the business school, is spearheading this contest of white-collar wit.

``Looking at Pepperdine, it seemed liked something was missing,'' said Church, co-founder of Liquid Market, which was sold to Xoom.com for $47 million in 1999. ``I looked at what all other schools were doing, and they all had business plan competitions.''

So Church sat down with a cadre of academics at Pepperdine, and spelled out his plan.

``It's taking a creative idea, and growing something from nothing,'' he said.

Successful entrants must survive three rounds of competition in order to win the grand prize of up to $25,000.

In the first round, participants will submit a three-page executive summary. A team of professionals and faculty members will read each summary and select the top 15 to 20 plans, utilizing a set of standards similar to those employed by venture capitalists.

Church said technical and financial feasibility will be among the judges' criteria.

In the second round, a detailed business plan will be submitted. Entrants will then sit down with a mentor to refine their ideas.

After a stringent set of evaluations, five to 10 business plans will be selected as finalists.

James Goodrich, the associate dean of the business school, said the panel of judges isn't looking for ideas that are replicas of business plans that have already been proved to work.

``We want different applications that are better, faster and more convenient,'' he said. ``But what we really want is to give people exposure.''

However, in an economy that has been rattled by trouble in the technology sector, an idea that sounds brilliant will need a lot more substance than previously believed.

``The tech sector was in high tide when we got involved,'' said Church, reflecting on his experience with Liquid Market. ``Now, if people come to us with a pie-in-the-sky idea, they're not going to win.''

By the end of March, a banquet will be held, honoring the finalists.

And after the banquet, the finalists eventually reach a ``critical point and have to jump that gap'' and make their ideas happen, Church said.