A group of 25 entrepreneurs with ideas as diverse as an injectable beauty toxin that’s “better than Botox,” a pollution detector that uses zebra fish, solar “farm” equipment and an online platform for donations to teachers make up the 2009 Wharton Business Plan Competition. These semi-finalists will compete for more than $73,000 in prizes and the chance to present their business plan at the annual Venture Finals on April 29, 2009.

Perhaps the crippled economy had something to do with a 9% increase in participation this year over last; 366 students took part in the early phases of the competition. This year, the school says 38% of submissions were aimed at finding a solution to some social problem. For the semi-finals, judges from the business and venture capital community chose ventures–medical devices, regionally focused services, disease management therapies–that serve specific market niches. And, for the first time in the competition’s history, the judges selected a non-profit concept as well.

Here’s a look at some of the ideas in the running:

• Neuroderma: Injectable toxin formation for better cosmetic results with fewer side effects
• CuddleBots: Robotic toy and online community for kids and young adults
• Sustainable Solar: Devices for landowners to turn unused property into solar “farms”
• DocASAP: Online medical appointment scheduling service notifies patients of last-minute openings
• Zecotech: Patented zebra fish risk assessment tool shows water pollution as live fish change color
• Apples for Angels: Online system facilitating donations to teachers, who spend an average of $500/year out of pocket for needed supplies

The Wharton Business Plan Competition, which is open to any University of Pennsylvania student and managed by Wharton Entrepreneurial Programs, has seen numerous student teams go on to become successful businesses over the past ten years. It will be interesting to see which of these ideas becomes the Next Big Thing.

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For a concise, thoughtful guide that will help you navigate the MBA admissions process with greater success, order our NEW book, The MBA Application Roadmap.

If you are planning to apply to business school in the fall, you may be wondering what you should be doing now to prepare. Aside from research into your career goals
andschools you might be interested in , you can take several actions to improve your candidacy now that will pay dividends in the fall.

Community Involvement
Now is a great time to deepen or establish your involvement with a community organization. Consider roles that will allow you to take a leadership position and create real impact before September. Offering to organize an event is a great discrete activity that will allow you to work in a team, have an impact, and show results. For more information on various opportunities to get involved, visit the Tuesday Tips archive post on extracurricular activities.

Academic Enhancement
Whether you had issues with your GMAT score or your undergrad GPA, you can take action now to improve your overall academics before the fall.

If you took the GMAT once or twice and did not receive the score you think you are capable of, consider a prep course to enhance your skills and remind you how to solve those high school math logic problems. We recommend Manhattan GMAT , because the company specializes in GMAT prep and focuses on knowledge rather than tricks.

An undergrad GPA hovering around 3.5 is generally considered fine. If your GPA is a 3.2 or below, or you majored in liberal arts, you may want to consider taking quantitative classes to enhance your academic profile. The MBA canon generally consists of Calculus, Statistics and Microeconomics. If you took any of those classes in undergrad and scored a C or below you should certainly re-take the classes now. Where you take the class is much less important than the course material and grade (aim for A’s!!). The local community college is a great option.

Leadership and Management Potential
Being promoted between now and the fall would be the ideal scenario, but you don’t have to wait for your boss to act in order to enhance your overall leadership and management potential for business school applications.

Volunteer for that cross-functional team or project, offer to help your boss with a tough long-term goal, or get involved with employee groups at work whether through volunteering in the community or promoting diversity in your company. Letting others at work know you are interested in developing your people skills may uncover more opportunities to go above and beyond, and provide great material for your resume and essays.

As you prepare for application season, make sure you are taking action that lines up with your passions and overall goals. If you are preparing for your long-term future with excitement, you will be far more effective!

Last Friday, Fortune’s Anne Fisher published an article entitled “Skip the Recession, get an MBA?“  It’s no surprise that many twenty-somethings are considering an MBA now that they have lost their jobs or their bonuses have disappeared.  I agree – it’s a great time to go back to school as it is reasonable to think that things will have improved by the time you graduate.  However, it can be extremely competitive, as all the laid off applicants are now competing for the same spots.  I supplied Anne with a list of tips for this article, that you might find interesting if you find yourself in this situation.   If you are out of work and contemplating an MBA application, take a look at this article and read our tips!

This week, we take a look at blogs written by business school professors.

How about this remedy for hard times? A dose of gratitude — Stanford professor Bob Sutton points out a new study which shows how feelings of gratitude have a positive effect on physical and mental health, purpose in life and personal growth. Expressing a little appreciation for the good things in your life, however trivial they may seem, may be just the medicine to get us through our current national funk.

Survey says where you should spend your money on social media — Terri Griffith, professor of management at Santa Clara University, shares some data from a social media survey which finds that Twitter is better than Facebook for businesses.

Sayonara, Sirius XM — NYU Stern School of Business professor Robert Salomon analyzes media reports of Internet radio Sirius XM’s eminent bankruptcy. Salomon argues that the merger between Sirius and XM radios made strategic sense, no matter what the DOJ and FCC say, and that the medium has a fighting chance of survival–despite having the deck stacked against them.

How to save, no matter your circumstances — Financial Literacy and Ignorance, a blog by Dartmouth College economics professor Anna Maria Lusardi, has a great post with new ways to help people save. Everyone’s situation is unique, and the important thing is coming up with a savings initiative that works for the individual.

Starbucks innovates to stay on top — Harvard marketing professor John Quelch applauds the latest efforts by Starbucks to help consumers fight the recession. With the launch of their instant coffee product Via, Starbucks helps cash-strapped customers maintain their caffeinated fix at a lower price point without sacrificing brand loyalty. And heck, Starbucks will undoubtedly lure in quite a few new brew lovers as well.

On the ambulatory practices of poultry — The Organizations and Markets blog offers the strategic management edition analyzing an age-old conundrum: Why did the chicken cross the road?

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We are now on Facebook – please join the Stacy Blackman Consulting group, or become a friend of Stacy Blackman. I am posting news about MBA related events, job listings, and of course MBA news.

I am on Twitter too…click to follow me on Twitter! www.twitter.com/stacyblackman

For a concise, thoughtful guide that will help you navigate the MBA admissions process with greater success, order our NEW book, The MBA Application Roadmap.