A new UMass Dartmouth scholarship will award funds to student entrepreneurs who win an annual business competition established by the scholarship, the university announced on March 16.

The initial endowment for the new “Jumpin’ into Entrepreneurship” scholarship comes from a student business project, according to the press release.

In 2014, a group of students led by Jacob Miller (Class of 2016) set up and ran a juice bar at the university’s Tripp Athletic Center.

The student-run, student-operated “Jumpin’ Juice” business sold drinks to UMass students and visitors at athletic competitions.

Their goal was to allow students to gain experience running a business while donating the accumulated profit of nearly $22,500 towards an endowed future student scholarship initiative.

After a contribution from UMass Dartmouth’s Charlton College of Business, the endowment has now reached $25,000.

During the “Jumpin’ into Entrepreneurship” competition, students will submit business plans to be judged by a panel of representatives from the Charlton College of Business, Frederick Douglass Unity House, and Entrepreneurship for All.

Ten finalists will be selected, and then publicly pitch their business plans to a panel of three judges from the South Coast community.

In order to promote equity in entrepreneurship, the group of finalists must be representative of the current student population.

The inaugural competition will award a total of $1,000 in scholarship funds.

“This scholarship puts equity in entrepreneurship at the forefront and is not only an investment in the amazing students on campus but the region as a whole,” said Miller. “I want to recognize the work of the dozens of student leaders and other campus champions who operated and made the Student-Run Business Association possible.”