Not being a student at the University of Colorado Denver will no longer automatically exclude entrepreneurs from winning cash (and possibly winning over investors) at the annual Jake Jabs Business Plan Competition.

It's the first time in the competition's 15-year history that non-collegiate startups can participate, CU Denver announced.

Startups that are part of the "non-collegiate track" will compete against one another at the Oct. 13 "Pitch Night," where they will offer their idea to both the panel of judges and an audience of investors, business leaders and the general public, who will determine the winner in what CU Denver is calling the "People's Choice Awards."

The process works by asking audience members to download a free app, which will allot them virtual money called "climb cash."

Read more at the Denver Business Journal: