Rhode Island Business Plan Competition to Award More than $180,000 in Prizes

PROVIDENCE -- (March 23, 2010) -- The Rhode Island Business Plan Competition today announced that when the 2010 competition culminates in early May winners and finalists will be awarded more than $180,000 in prizes, nearly 40% more than last year’s awards.

The announcement was made in advance of the April 5 deadline for individuals and teams to apply to the 2010 competition.

In addition to the increased value of prizes to be awarded this year, the number of organizations supporting the competition totals 36, up from last year’s 32.

Lauding the sponsors, Competition Co-Chair Garrett B. Hunter said, “It’s a tremendous testament to the generosity of our sponsors, and their commitment to building the next generation of entrepreneurs in Rhode Island, especially in an economy that is still trying to emerge from recession.”

Winners will be named May 4 at Business Expo 2010, to be hosted by the Greater Providence Chamber of Commerce at the Rhode Island Convention Center in Providence.

New to the this year’s competition is a Green track, supported largely by the Rhode Island Economic Development Corporation, which is open to anyone with an innovative and scalable plan for a green business. In addition, students enrolled in and attending an accredited college or university at the undergraduate or graduate level may apply to the Student track. The Entrepreneur track is open to anyone. All applicants must be at least 18 years of age.

The 2009 competition awarded $130,000 in cash and in-kind services to two winners and four finalists.

Sponsors of the 2010 Rhode Island Business Plan Competition

The Rhode Island Business Plan Competition is the leading community-supported business plan competition in the Northeast, and currently is supported by 36 sponsoring organizations that span private businesses, colleges and universities, and public and nonprofit entities.

Sponsors of the 2010 Rhode Island Business Plan Competition include: Hinckley, Allen & Snyder LLP, Kahn, Litwin, Renza & Co., Ltd., Embolden, Johnson & Wales University, and the Rhode Island Economic Development Corporation.

Also supporting the competition are: AM 790, Braemar Energy Ventures, Business Development Company of Rhode Island, Brown University, Bryant University, Cherrystone Angel Group, Citizens Bank, Coastway Community Bank, CVS/Caremark, Edwards Angell Palmer & Dodge, LLP, Federal Electronics, Inc., Foresight Science and Technology, Goodwin Procter LLP, Greater Providence Chamber of Commerce, InsureMyTrip.com, Morgan Stanley Smith Barney, Point Judith Capital, Providence Business News, Rhode Island Medical Society, Rhode Island Commodores, RI Center for Innovation & Entrepreneurship, RI Society of Certified Public Accountants, RI Small Business Development Center, Shazaam, Starkweather & Shepley, Slater Technology Fund, Tech Collective, The Mergis Group, University of Rhode Island, and Webster Bank, Ximedica.

Complete information, including rules, application procedures, guidelines, and business plan resources, is available at www.ri-bizplan.com.