Rules, Eligibility & Prizes

Goal

The Rhode Island Business Plan Competition has been organized to promote entrepreneurship and the development of start-up and early stage companies in Rhode Island by encouraging submission of plans of original business concepts that will lead to the development of new growth businesses in Rhode Island.

The following rules apply:

Rules

1. Business plans may be submitted by individuals or by teams, but all applicants must be 18 years of age or older.
2. There is no limit on the number of people on a team.
3. Each unique business plan must be submitted in one track. 
4. Any area of commercial endeavor is valid.
5. All applications must be the original work of those making the submission.
6. Applications must describe a new business or an early stage company.
7. All semi-finalists must agree that, should they be chosen as a finalist or winner, they will use prize winnings to establish or continue operations that employ people in Rhode Island.
8. Existing businesses may propose a new business that would have operations in Rhode Island.
9. Partially completed applications will not be accepted. Online applications are due by 5 p.m. Eastern time on April 1, 2013, and a signed Agreement and Certification form must be postmarked by April 1, 2013, or hand delivered on that date.
10. Applicants risk disqualification if they attempt to approach a judge, or have someone do that on their behalf, in connection with the competition.
11. Finalists presenting to the judges on April 29, 2013, will bring a poster, measuring 24” x 30”, summarizing their plan, for display at the award ceremony on May 14, 2013.
12. The decisions of the judges are final, including interpretation of the rules.

While business plans may be structured in any number of ways, the approach suggested here offers a concise format.

Need to know more? Check answers to Frequently Asked Questions.

Eligibility

Applicants, 18 years of age or older, may compete in one of the following tracks:

1. Entrepreneur track — Open to any entrepreneur or would-be entrepreneur, 18 years of age or older.
2. Student track — Open to any student, 18 years of age or older, enrolled in and attending an accredited college or university at the undergraduate or graduate level. All key members of the team must be students.
3. Technology award — Open to anyone, 18 years of age or older, who is developing a technology related business.

Prizes

Winners and finalists will share cash and in-kind services valued at more than $200,000, as follows:

Note: Prizes awarded may be adjusted to reflect increased sponsor support.

In addition, all finalists will have the opportunity to present to a public audience on May 14, 2013, at The Garage,  a half-day event hosted by the Greater Providence Chamber of Commerce at the Rhode Island Convention Center, after which the winners will be announced.

Application

To participate in the Rhode Island Business Plan Competition, applicants must do the following:

1. Complete and submit an online application by 5 p.m. Eastern time on April 1, 2013.
2. Complete an Agreement and Certification form, sign it, and mail it postmarked no later than April 1, 2013, or hand deliver it by that date.

Complete application details and forms.

After reviewing the applications, the judges will invite six semi-finalists from each track to submit complete business plans by April 16, 2013.

Three finalists will be selected from each track and will be invited to make a 30-minute presentation to the judges on April 29, 2013.

Guidelines for formatting business plans are contained on this website.