2008 Rhode Island Business Plan Competition Will Award $150,000 in Prizes

Market Wire, September, 2007

The Rhode Island Business Plan Competition today launched its 2008 season and announced that it will award $150,000 in prizes, the most since the competition began seven years ago, making it one of the richest business plan competitions in New England.

Twenty-five Rhode Island organizations, including public and private companies, universities and colleges, and public agencies, are supporting the 2008 competition with cash contributions and in-kind services.

Competition Co-chair Garrett B. Hunter, president of the Business Development Company of Rhode Island, said, "Each year the competition attracts more applicants and sponsors, which shows that there is a strong interest in supporting emerging entrepreneurs in Rhode Island."

Added Co-chair Charles Kingdon, associate vice president of Brown Technology Partnerships at Brown University, "The next new great idea can come from anywhere, but developing it into a growth business takes a lot of work. Winning the Rhode Island Business Plan Competition has been shown to significantly help a young company on its way."

Last year's competition, which garnered applications from across the United States, awarded $125,000 in prizes to two winners. This year's event will also award prizes to runners up in each of the two tracks.

Free Workshops Begin Oct. 3

In addition to the entrepreneur and student tracks, this year's competition will feature a series of workshops and events, to be hosted at the Harborside Campus of Johnson & Wales University, designed to help prospective participants prepare their application.

"We're delighted that Johnson & Wales will host this year's workshops. It's a terrific site just a few minutes drive from downtown Providence with plenty of free parking," said Hunter.

On Oct.3, the public is invited to the first of a series of free workshops relating to the 2008 competition.

Then, on Nov. 7, the competition will co-host the second annual "$1K Rhode Island Elevator Pitch-Off" with the Brown Forum for Enterprise, in which participants will have 90 seconds to present a business idea. A panel of judges will provide feedback and cash prizes will be awarded.

Sponsors of the 2008 Competition

Sponsors of the 2008 Rhode Island Business Plan Competition include: Hinckley, Allen & Snyder LLP, Kahn, Litwin, Renza & Co., Ltd., Seyfarth Shaw, Brown University, Edwards Angell Palmer & Dodge, LLP, Embolden Design, and Nortek, Inc.

Also supporting the competition are: Brown Forum for Enterprise, Business Development Company of Rhode Island, Cherrystone Angel Group, CVS Caremark, Federal Electronics, Inc., Greater Providence Chamber of Commerce, Johnson and Wales University, Point Judith Capital, Providence Business News, Bryant University, Starkweather & Shepley Insurance Brokerage, Inc., Heartlab, Naval Undersea Warfare Center, RDW Group, Salve Regina University, Smith Barney, The Employers Association, and University of Rhode Island.

Complete information is available at www.ri-bizplan.com .

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