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2015 Rhode Island Business Plan Competition to Award $200,000 in Prizes

PROVIDENCE, RI–  The Rhode Island Business Plan Competition, the largest publicly supported business plan competition in New England, today announced that it will award prizes valued at $200,000 when winners are named in May.

The announcement was made in advance of the March 30 deadline to apply to the competition.

 The prizes—cash and in-kind services—are provided by 56 sponsors, representing a broad cross-section of Rhode Island organizations. Included are 11 banks and investors, seven colleges and universities, and a cross-section of advisory, construction, insurance, health-related, software, retail, professional services firms, and other businesses, including ShapeUp, a former winner of the Rhode Island Business Plan Competition that has become a thriving company based in Providence.

 Competition Co-Chair Anthony Mangiarelli, partner with the KLR accounting firm, said, “By supporting the competition, the Rhode Island business community demonstrates a strong commitment to nurturing the next generation of local growth companies. On behalf of everyone competing this year, I extend a heartfelt thanks.”

 Co-chair Peggy Farrell, partner in the law of firm of Hinckley, Allen, acknowledged the Competition’s Development Committee led by Richard Carriere, senior vice president at Morgan Stanley Wealth Management, which secured the sponsorships: “The members of our development team are the unsung heroes. They have been working since last summer to make this year’s competition another success.”

 Serving on the committee were: Larry Davidson, principal, KLR; Sergio Ferreira, Startup Weekend Providence; Katharine Flynn, executive director, URI Business Engagement Center; Andrew Hughes, partner, Locke Lord; Ray Mathieu, board director, trustee, and private investor; Shawn Scott, strategy and brand architect, Focus Vision Media; Jennifer Schwall, executive director, Cherrystone Angel Group; Rick Wilkins, consultant; as well as Farrell and Mangiarelli.

 Winners of the 2015 competition will be announced at a public event in May.

 The competition is open to anyone with an innovative business plan. All applicants must be at least 18 years of age and must agree to use winnings to establish or expand a business in Rhode Island. Complete competition information, including rules, application procedures, guidelines, and business plan resources, is available atwww.ri-bizplan.com.

 Sponsors of the 2015 Competition

 Lead sponsors of the 2015 Competition are Cumulus Media-Providence, Embolden, Focus Vision Media, Hinckley Allen, KLR, Locke Lord, and the Providence Journal Charitable Legacy Fund.

 Also supporting the Competition are Ava Anderson Non Toxic, Bank of America, Brown University, Bryant University, Center for Women and Enterprise, Envision Technology Advisors, FM Global, Greater Providence Chamber of Commerce, Hatch Entrepreneurial Center, Johnson & Wales University, Providence Business News, Roger Williams University, Slater Technology Fund, University of Rhode Island, and Utilidata.

 Additional supporters include Bank Rhode Island, Business Development Company, Care New England, Centreville Bank, Cherrystone Angel Group, Citizens Bank, Deepwater Wind, Delta Dental of Rhode Island, Dimeo Construction Company, Gencorp Insurance Group, Gilbane, GTECH, The Moore Company, Morgan Stanley Wealth Management, Navigant Credit Union, Nortek, Rhode Island Student Loan Authority, Santander Bank, ShapeUp, Teknor Apex, The Washington Trust Company, and Ximedica.

 Additional support is provided by AAA Southern New England, Bank Newport, Betaspring, Biomedical Structures, Community College of Rhode Island, CVS Health, Freedom National Bank, Hayes & Sherry Real Estate Services, InsureMyTrip.com, Rhode Island College, Starkweather & Shepley, and Tech Collective.

 About the Competition

 Established in 2000, the Rhode Island Business Plan Competition has been recognized as one of the top 40 business plan competitions in the country. To date, it has awarded more than $1.6 million in prizes to competitors emerging companies across many industries.

In addition to awarding prizes, the competition hosts educational events in the months leading up to the application deadline, including business plan writing and presentation skills workshops. In addition, the competition hosts the annual Rhode Island Elevator Pitch Contest. Complete competition information, including rules, application procedures, guidelines, and business plan resources, is available at www.ri-bizplan.com.

 

Jobs for Newport Statement on the Sale of the Newport Yachting Center: “We’re Prepared to Save those Jobs and Keep that Economic Activity in Newport Where it Belongs”

NEWPORT, RI – The Jobs for Newport campaign issued the following statement following the news that the Newport Harbor Corp. has sold the Newport Yachting Center on the city’s waterfront to the Peregrine Group, LLC.

“The sale of the Newport Yachting Center creates a real danger that jobs will be lost and the economic activity from the entertainment at the venue will be lost to the City.    To prevent this, we are committed to working with all parties to preserve those jobs and that activity by hosting future events at the Newport Entertainment Center.  We agree with Discover Newport’s Evan Smith that ‘this region deserves a world class entertainment center in Newport, RI.’

We’re prepared to be that venue, save those jobs and keep that economic activity in Newport where it belongs.

In fact, our location is the perfect place to preserve this activity and save these jobs.    We are prepared to host top performers right here in Newport.

People need a world class venue for that kind of performance and Newport Grand is the right answer.   Staging the concerts and events that were once held at the yachting center fits perfectly with our plans for our new entertainment center – and at the same time we can help save some of the jobs of the people who work there.”

Newport voters will decide in November on a $40 million proposal to turn Newport Grand into an entertainment center.   According to a recent economic impact study, the private $40 million investment to turn Newport Grand into the Newport Entertainment Center would save nearly 200 existing jobs.  The project would also create over 400 direct and indirect construction jobs, and an additional 350 permanent jobs at Newport Grand.

The study also found that the proposal would preserve existing property tax relief generated for the City by Newport Grand, and increase it by $9 million over the first six after the upgrades are complete.  This new revenue is guaranteed by state law.

To learn more about the plans for Newport Grand, click here.

Rhode Island Business Plan Competition Names 12 Semi-Finalists

PROVIDENCE, RI – The Rhode Island Business Plan Competition today announced that it has named 12 semi-finalists in the 2014 competition from among 75 emerging and would-be entrepreneurs who applied at the end of March.

The competition will name winners and award prizes valued at more than $200,000 to all finalists and winners on May 1 at The Garage, a half-day business development conference hosted at the Rhode Island Convention Center by the Greater Providence Chamber of Commerce.

The semi-finalists have proposed businesses that address problems in the biotech, consumer, health care, Internet, software, and information technology industries.

“Narrowing down the many excellent applications we received inevitably means those who weren’t selected will be disappointed,” said Competition Co-chair Peggy Farrell, partner in the law firm of Hinckley Allen. “That doesn’t mean they can’t succeed, but that their plan may not have fit the criteria of the competition. We encourage them to keep pursuing their ideas and take advantage of the many excellent resources in Rhode Island that support emerging entrepreneurs.”

Entrepreneur Track Semi-Finalists

Semi-finalists in the entrepreneur track include the following:

Cargenics is developing a technology to treat canine lymphoma that modifies a cancer patient’s T cells that, when re-infused, bind and kill their cancer.

CompNet Insurance Solutions aims to provide instant insurance quotes online, direct to the consumer, eliminating the need for an insurance broker. Principal applicant: David Bedard, Providence.

Grindzco is developing protective padding that can be discreetly included in fashion conscious clothing children’s clothes. Principal applicant: Robin Robinson, Barrington.

KloudBook provides a universal way to look-up mobile number, email address, and other contact online without the endorsements, resumes, photos, and personal postings that clutter other websites. Principal applicant: Michael Mullen, Seekonk, Mass.

Nordic Technology Group is developing software that uses 3-D motion sensors to identify and alert caregivers to changes in behavior that show a need for help. Principal applicant: Erik Wernevi, Providence.

StormTree has developed a green technology that enables property developers and municipalities to manage storm water runoff as a sustainable alternative to traditional underground pipe systems. Principal applicant: Paul Iorio, Pawtucket.

Student Track Semi-Finalists

Semi-finalists in the student track include the following:

b. Company is creating shoes for women who have bunions and who experience difficulty finding the right shoes that combine stylish heels with the comfort of sneakers. Principal applicant: Leah Chung, Rhode Island School of Design.

BoardBrake is a removable, foot-activated brake for longboards/skateboards that improves confidence, control, and speed for riders while making it quicker to learn how to use longboards/skateboards. Principal applicant: Cliff Weitzman, Brown University.

Data2Datum has developed a user-friendly, smart-learning data exploration methodology for exploring multidimensional, heterogeneous data sets. Principal applicant: Chandhini Raghupathy, Brown University.

Dual Server Cooling is using licensed technology to help data centers use energy more efficiently to cool electrical equipment with lower implementation cost. Principal applicant: Ze Chen, Brown University.

MedSynergies proposes to use a low cost, high sensitivity, optically activated micro device to detect lung cancer at its early and treatable stages. Principal applicant: Aditya Singh, Brown University.

Pronto Solutions is a smartphone application for ordering and paying catered to full-service restaurants, allowing customers to order on impulse and pay when they are ready. Principal applicant: Jesse Hartheimer, Brown University.

Finalists will be selected later this month. To win prizes, applicants agreed to establish or continue business operations in Rhode Island.

 

Sponsors of the 2014 Competition

 

Supporting this year’s competition are 59 sponsors, the most ever since the competition began in 2000, including 14 banks and investors; nine colleges and universities; foundations; construction, insurance, health-related, software, other businesses, professional firms, and services organizations; and two former participants.

 

Lead sponsors of the 2014 Rhode Island Business Plan Competition are Davol Inc, Providence Journal Charitable Foundation, and the University of Rhode Island, along with Cumulus Media-Providence (AM 790), Edwards Wildman, Embolden, Hinckley Allen, and Kahn, Litwin, Renza.

 

Also supporting the competition are Brown University, Bryant University, the Greater Providence Chamber of Commerce, and Rhode Island School of Design, as well as AAA Southern New England, Bank of America, Collette, Envision Technology Advisors, FM Global, Johnson & Wales University, Providence Business News, Providence College, Rhode Island College, Roger Williams University, Slater Technology Fund, Utilidata, and Verizon New England.

 

Additional sponsors include Bank Rhode Island, Business Development Company, Care New England Health System, Center for Women and Enterprise, Centreville Bank, Cherrystone Angel Group, Deepwater Wind, Delta Dental of Rhode Island, Dimeo Construction Company, Gencorp Insurance Group, Gilbane Inc., GTECH Corporation, Morgan Stanley Wealth Management, Navigant Credit Union, Nortek, Inc., RBS Citizens, Rhode Island Foundation, Santander Bank, Teknor Apex, The Moore Company, Washington Trust, and Ximedica.

 

Also, Bank Newport, Betaspring, Biomedical Structures, Community College of Rhode Island, CVS/Caremark, Freedom National Bank, Haverhill Incorporated, Hayes & Sherry Real Estate Services, InsureMyTrip.com, ShapeUp, Starkweather & Shepley, and Tech Collective.

 

 

About the Competition

 

Established in 2000, the Rhode Island Business Plan Competition has been recognized as one of the top 40 business plan competitions in the country. To date, it has awarded more than $1.4 million in prizes to competitors developing companies across many industries.

 

In addition to awarding prizes, the competition hosts educational events in the months leading up to the application deadline in early April. They include business development, financial planning, and presentation skills workshops. In addition, the competition hosts the annual Rhode Island Elevator Pitch Contest. Complete competition information, including rules, application procedures, guidelines, and business plan resources, is available at www.ri-bizplan.com.

How and When to Complete Your Application

Even though the deadline to apply to the 2013 Rhode Island Business Plan Competition is April 1, 2013, you shouldn’t wait to get started on your full business plan.

Applying involves completing an online form, which is available here.

The idea behind the online application is to have all applicants answer the same set of questions. This is especially helpful for people who have never written a business plan. Even if they have, completing the online form ensures that all applicants are evaluated on the same set of information.

Completing the application is the single most important step you will make in the competition, because the judges will use the information in your application to decide whether to designate you as a semi-finalist and invite you to submit a full written plan. Therefore, obviously, if you don’t get past this first step, you can’t go any further.

The application is pretty straightforward. You’ll need to answer questions like:

  • What is the market for your product or service?
  • How will you generate revenue?
  • What are the three greatest strengths of your business idea?
  • What are the three greatest weaknesses of your business idea?

For each question, your answer is limited to the number of words you can provide, usually around 50 – 75 words. This is why completing the application takes work: answering these questions in relatively few words, and demonstrating your credibility and thoughtfulness, means being very careful and precise.

The best way to approach the application is by working on your full business plan. (Click here for tips on how to format a full business plan.) It makes sense to work on your full plan now for two reasons:

  1. By having your full plan nearly completed by the time your application is due on April 1, 2013, you can basically copy information from your plan to the application (although you may have to edit to fit the word count).
  2. If the judges designate you a semi-finalist, you will have only eight days between the time you are notified on April 8 and when your full plan is due on April 16. It would be difficult, if not nearly impossible, to create a full plan in eight days.

Starting work on your full business plan right now (if you haven’t already begun) also gives you an opportunity to really think through the idea and how you will make it work. Putting thoughts on paper lets you see if they make sense and if all the pieces fit together. If you find something needs adjustment, you can fix it because you have the time now to do it. Doing that will also let you get all your ducks in order so that when it comes time to complete the application, everything will be in place.

So, here’s the best way to proceed:

  1. Review the online application to see what is required.
  2. Work on your full plan now.
  3. Complete the application based on your full plan.

FINALLY, remember that since the deadline to apply is 5 p.m. Eastern time on April 1, 2013, you should use the time between now and then to work on your plan. You won’t gain any advantage by applying way in advance of April 1.

Good luck.

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