I'm a bit late, but here's a post on the results of the University of Colorado's Lunar Ventures 2007 Competition. The winner of $25,000 is the Omega Sensors team from San Diego State University. The announcement of the winners shows some of the reasons why they won the space business plan competition:
"San Diego State University entry OSI offers an improved sensor technology for navigation systems and robotics as well as satellite, rocket and space shuttle navigation. Here on Earth, the technology has immediate applications. In the oil industry, it has the capability to increase oil well output through strategic drilling -- both in locating oil and fewer dry wells. Additionally, the devices have significant potential in structure and equipment monitoring."
Space applications with business applicability on Earth were strong in the competition, a point that shouldn't be lost on today's space entrepreneurs.