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.
2. There is no limit on the number of people on a team.
3. Each unique business plan must be submitted in either the entrepreneur or the student 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. To be considered as a finalist, applicants agree that they will use prize winnings (as the winner or a runner up) to establish or continue operations 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 6, 2009, and a signed Agreement and Certification form must be postmarked by April 6, 2009, 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 May 4, 2009, will bring a poster, measuring 24” x 30”, summarizing their plan, for display at the award ceremony on May 5, 2009. All finalists' posters will be displayed on May 5.
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 by clicking here offers a concise format.

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

Prizes & Eligibility

Applicants may compete in one of the following tracks:

1. Entrepreneur track — Open to any entrepreneur or would-be entrepreneur.
2. Student track — Open to any student enrolled in and attending an accredited college or university at the undergraduate or graduate level. All key members of the team must be students.

There will be one winner and two runner-ups selected from the entrepreneur and student tracks, who will share approximately $150,000 in cash and services.

In addition, the three finalists in the entrepreneur and student tracks will have the opportunity to present to a public audience on May 5, 2009, at Business Expo 2009, sponsored by the Greater Providence of Commerce.

The winner in all tracks will be announced at Business Expo 2009 on May 5, 2009.

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 6, 2009.
2. Complete an Agreement and Certification form, sign it, and mail it postmarked no later than April 6, 2009, or hand deliver it by that date.

Click here for complete application details and forms.

After reviewing the applications, the judges will invite six semi-finalists from each of the entrepreneur and student tracks to submit complete business plans by April 21, 2009.

Three finalists will be selected from each of the entrepreneur and student tracks and will be invited to make a 30-minute presentation to the judges on May 4, 2009.

Guidelines for formatting business plans are contained on this website.

Judging Criteria

1. All judges will receive and review all information submitted in connection with each application to the Competition.
2. The judges will rely on the following criteria in judging the competition:
   • The commercial potential of the business, with high-potential, growth oriented businesses likely to be viewed more favorably.
   • The innovative nature and technical feasibility of the idea.
   • The likelihood that the business described in the plan can achieve a sustainable, competitive advantage.
   • The credibility of the individuals behind the proposal.
3. Plans submitted in the student and entrepreneur tracks will be treated the same way and judging criteria will be applied equally to all plans.
4. The judges may disqualify any application they believe violates the letter or spirit of the competition guidelines.
5. The decision of the judges is final, including interpretation of the rules.
6. The judges will not sign a Non-Disclosure Agreement (NDA) in connection with performing their duties for this competition. It is the applicants’ responsibility to protect their intellectual property. See Protection of Intellectual Property.
7. Conflict of Interest Policy: Judges agree not to initiate a professional relationship with individuals who have an active application before the Competition. Judges will recuse themselves from discussion about and voting on an applicant to the Competition if the judge has an existing personal or business relationship with the applicant. An application is considered active until the judges have made a decision about it or until it has been withdrawn by the applicant.

See what judges will look for in a business plan.

Learn about previous Rhode Island Business Plan Competition winners. Click here.

Who will judge the plans? Click here for biographies of the judges.