In an effort to promote youth entrepreneurship, this week kicked off a contest to find the nation's best lemonade stand.

The first annual "Best Lemonade Stand in America Contest" will award a $1,000 college savings bond to the "Best Kid-trepreneur." Second place will receive a $500 college savings bond, and third place will take home a "super-backpack" package, which includes school supplies and entertainment products, valued at $200.

"Lemonade stands are often the first business kids run," said Laura Rich,'s editorial director. "We're hoping to find some future Inc. 500 CEOs among them."

Throughout July,, the national small-business and entrepreneurship website and online edition of Inc. magazine, is inviting children ages 5 to 12 to submit photos and essays on their stands, with help from their parents.

In addition to overall sales, the lemonade stands will be judged on design, as well as any entrepreneurial experiences offered by the young owners. readers, who include many of the nation's top entrepreneurs and business owners, will comment  on the submissions over the course of the contest. They will also help chose the winners, who will be announced in August.

The top pick will be flown to New York City to appear on national television.

The contest is open to all residents of the U.S. from July 1 - 30 at

Inc. magazine's annual Inc. 500 is a list the nation's fastest growing small businesses.