Students hoping to be the next Elon Musk, Carl Icahn or even Clive Palmer will have their shot soon at the Melbourne University, as a young entrepreneurs competition reaches its final stages.

Five teams have made the final of the UniMelb StartUp ’13 Internet Marketing Start-Up Competition, which will now see them pitch their ideas to a finals panel of successful investors, venture capitalists and CEOs.

The fives teams have used their entrepreneurial ideas as a weapon to fend off the lesser plans of other teams in the run-up to the final. Their closing pitches to the panel of professionals will see them laying down what could turn out to be a million dollar idea – if they can sell it.

The five short-listed business concepts could all end up a winner, but entrants will find out on Wednesday October 16 which will get the nod straight away.

The potential money-earners that made the cut for the final round are;

  • A 'wingman and wingwoman' service to tutor desperate daters.
  • A convert-your-home-to-a-restaurant service that lets budding cooks sell their food to international student.
  • An online shopping tool to help you identify, locate and buy your friends' fashions.
  • An Australian version of the successful American crowdfunding website, Kickstarter.
  • A subscription website to empower and support disability carers.

The best propsal will be awarded $8000 to see it to the next phase, the winning team ill also receive a 'lunch and learn' session with entrepenuer and founder of online experience retailer RedBalloon – Naomi Simson.

Event organiser and Consumer psychologist Dr Brent Coker said he continues to be flabbergasted at the level of business savvy and entrepreneurial innovation.

“Each year the ideas just get bigger and better. We had to make some really tough decisions about who we let through to the finals," he said.

"I don’t think we should underestimate the potential business talent we have here in Australia. It’s just a matter of time before I see one of my students on the cover of Forbes one day. I’m pretty optimistic.”

The competition is sponsored by RedBalloon, the Melbourne Business School and the Faculty of Business and Economics.

Bookings for the final can be made here.