2009 Rhode Island Business Plan Competition Will Award $150,000 in Prizes

PROVIDENCE -- (Sept. 29, 2008) -- The Rhode Island Business Plan Competition today launched its 2009 season, which is expected to award $150,000 in prizes, and announced the addition of Johnson and Wales University as a co-organizer.

Johnson and Wales joins Business Development Company of Rhode Island (BDCRI), which has been a principal organizer of the competition since it started in 2000.

Twenty-four Rhode Island organizations, including public and private companies, universities and colleges, and public agencies, are supporting the 2009 competition.

Competition Co-chair Garrett B. Hunter, BDCRI president, said, “Once again, local organizations of all kinds recognize the importance of developing entrepreneurial talent in Rhode Island, and we are grateful for their continued and generous support. We are especially excited to have Johnson and Wales joining us as co-organizer.”

David Mitchell, dean of the College of Business at Johnson and Wales University, also serving as co-chair, added, “Over the last eight years, the Rhode Island Business Plan Competition has had a decisive, positive influence on local entrepreneurs and has helped winners secure additional funding and grow. We look forward to building on this tradition.”

The competition will award prizes to winners and finalists in two tracks: an entrepreneur track for current or aspiring business owners, and a student track for those enrolled at the undergraduate or graduate level at an accredited college or university.

Free Workshops Begin Oct. 29

This year’s competition will feature a series of workshops and events, to be hosted at the Greater Providence Chamber of Commerce, to help existing and would-be entrepreneurs learn more about developing business plans. All events are free and open to the public.

“The Greater Providence Chamber is providing tremendous support in hosting this year’s workshops. It’s downtown Providence location should make it convenient to everyone,” said Hunter.

On Oct. 29 the public is invited to the first of a series of free workshops relating to the 2009 competition. That event will brief attendees on the structure of the competition and will feature last year’s winners.

Then, on Dec. 4, the competition will co-host the third annual $1K Rhode Island Elevator Pitch Contest, 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.

Other planned workshops include “How to Develop Financial Projections,” “How to Write a Business Plan,” and “How to Present Your Business Plan.”

Sponsors of the 2009 Competition

Sponsors of the 2009 Rhode Island Business Plan Competition include: Hinckley, Allen & Snyder LLP, Kahn, Litwin, Renza & Co., Ltd., Edwards Angell Palmer & Dodge, LLP, Embolden Design, Johnson & Wales University, and Nortek, Inc.

Also supporting the competition are: Business Development Company of Rhode Island, Bryant University, Cherrystone Angel Group, Citizens Bank, CVS/Caremark, Federal Electronics, Inc., Greater Providence Chamber of Commerce, Item Group, Point Judith Capital, Providence Business News, Rhode Island Commodores, Rhode Island Economic Development Corporation, Slater Technology Fund, Smith Barney, Sovereign Bank, The Employers Association, University of Rhode Island, and Webster Bank.

Judges Represent Rhode Island Business

Volunteering as judges in the 2008 Rhode Island Business Plan Competition are:

• Richard L. Bready, Chairman and CEO, Nortek, Inc.
• M. Cary Collins, Director, The Global Entrepreneurship Program, Bryant University
• Larry Davidson, Principal, Kahn, Litwin, Renza & Co., Ltd.
• Sixcia Devine, Providence Metro Regional Director, Rhode Island Small Business Development Center
• Margaret Farrell, Partner, Hinckley, Allen & Snyder LLP
• Ann-Marie Harrington, President, Embolden Design, Inc.
• Garrett B. Hunter, President, Business Development Company of Rhode Island
• Stephen Lane, Co-Founder & Chief Executive Officer, Item Group
• David Mitchell, Dean, College of Business, Johnson and Wales University
• Lisa Nelson, Consultant, Medical Informatics, Nelson Consulting
• Weng Tao, CSO and Vice President, Research & Development, Neurotech USA

Competition Rules

Any individual or team with an innovative idea to start a new business or take an early stage company to the next level may enter the competition. In addition:

• There is no limit on the number of people on a team.
• Any area of commercial endeavor is valid.
• All applications must be the original work of those making the submission.
• Applicants must agree to establish or expand operations in Rhode Island if they are judged a winner or finalist.

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