Prizes Surge to Nearly $200,000 in 2010 Rhode Island Business Plan Competition

PROVIDENCE -- (March 31, 2010) – A surge in support from sponsors of the Rhode Island Business Plan Competition will increase the value of prizes to be awarded in the 2010 competition to nearly $200,000. Last year’s competition distributed $130,000 in prizes.

The recent increase in the value of prizes to be awarded comes from a number of sponsors:

· Last week the Greater Providence Chamber of Commerce awarded the competition an Innovation Providence Implementation Council grant, funded by the federal government to support Rhode Island’s knowledge economy.

· Providence law firm Hinckley, Allen, & Snyder LLC and Shazaam, an interactive agency based in Providence, long-time sponsors of the competition, recently increased their support.

· The Rhode Island Economic Development Corporation, a long-time sponsor, signed on as the principal sponsor of this year’s new Green track.

· New to the competition this year are Rhode Island Small Business Development Center and AM 790, one of five Citadel Broadcasting Radio stations in Providence.

· In addition, two Boston-based companies, Braemar Energy Ventures and the law firm of Goodwin Procter LLP, have agreed to sponsor this year’s competition.

“The commitment of all our sponsors, including the many who have been with the us for many years, is more than impressive. It is a strong statement of their belief that entrepreneurs will continue to be central to the economic growth of Rhode Island,” said Competition Co-Chair Garrett B. Hunter.

Winners in three tracks 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.

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, Webster Bank, and Ximedica.

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