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 more than $200,000—including $45,000 in cash to the top competitor—when winners are named in May

The announcement was made in advance of the April 1 deadline to apply to the competition.

Supporting the competition are 47 organizations, including many Rhode Island businesses, nonprofits, foundations, colleges and universities, public agencies, and Shape Up, a former competition participant.

Competition Co-Chair Larry Davidson, principal with the Providence-based accounting firm of Kahn, Litwin, Renza & Co., Ltd., said, “The entrepreneurial spirit is alive and well in Rhode Island, and the competition brings out the best – among applicants and also among sponsors, without whom we could not host this important event.”

Added Co-Chair Peggy Farrell, partner in the law of firm of Hinckley, Allen & Snyder LLP, “We’re thrilled that so many organizations recognize the importance of fostering the next generation of companies that will be creating the jobs of the twenty-first century in Rhode Island.”

Winners will be announced May 14 at The Garage, a half-day event hosted by the Greater Providence Chamber of Commerce where revenue generating companies will share their success stories and best practices in an effort to inspire, cross-pollinate, and grow key economic sectors.

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 at www.ri-bizplan.com.

Sponsors of the 2013 Competition

Lead sponsors of the 2013 competition are Davol Inc., a Bard Company, the Providence Journal Charitable Foundation , and the University of Rhode Island, along with Cumulus Media-Providence (AM 790), Edwards Wildman Palmer LLP, Embolden, Hinckley, Allen & Snyder LLP, and Kahn, Litwin, Renza & Co., Ltd.

Also supporting the competition are Braemar Energy Ventures, Brown University, Bryant University, Rhode Island Small Business Journal, Business Development Company, Collette Vacations, FM Global, Greater Providence Chamber of Commerce, Johnson & Wales University, Point Judith Capital, Providence College, Rhode Island Economic Development Corp., Roger Williams University, and Slater Technology Fund.

Additional support has been provided by Bank Rhode Island, Care New England Health System, Center for Women & Enterprise, Centreville Bank, Cherrystone Angel Group, Citizens Bank of Rhode Island, Deepwater Wind, Dimeo Construction Company, Gilbane Inc., GTECH Corporation, Morgan Stanley Wealth Management, Nortek, Inc., Teknor Apex, The Moore Company, Ximedica, Bank Newport, Freedom National Bank, Hayes & Sherry Real Estate Services, InsureMyTrip.com, JH Lynch & Sons, New England Institute of Technology, ShapeUp, Tech Collective, Betaspring, and Rhode Island Small Business Development Center

About the Competition

Established in 2000, the Rhode Island Business Plan Competition recently was named one of the top 40 business plan competitions in the country. To date, it has awarded more than $1.2 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 Complete competition information, including rules, application procedures, guidelines, and business plan resources, is available at www.ri-bizplan.com.

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