Rhode Island Business Plan Competition Hikes Prizes to Be Awarded to $165K

PROVIDENCE – (Dec. 18, 2007) – The Rhode Island Business Plan Competition today announced that support from new sponsors will allow the competition to boost the value of prizes it will award to this year’s winners to $165,000, up from $150,000 announced earlier this fall.

Shazamm, an award-winning interactive agency based in Providence, most recently joined the roster of supporters, bringing to 34 the number of organizations sponsoring the Rhode Island Business Plan Competition. Shazamm will provide website design services to the entrepreneur and student track winners in the 2008 Rhode Island Business Plan Competition.

“The level of support from across the spectrum of community organizations is truly impressive,” said Competition Co-chair Garrett B. Hunter, president of the Business Development Company of Rhode Island. “This commitment demonstrates the value that they place on encouraging the development of new companies in Rhode Island.”

Charles Kingdon, associate vice president of Brown technology partnerships at Brown University, who also co-chairs the competition, added, “What young entrepreneurs need more than anything else is capital and advice. The Rhode Island Business Plan Competition helps on both counts since the prizes to be awarded includes cash and in-kind legal, accounting, and consulting services.”

The Rhode Island Business Plan Competition is one of the few community-sponsored business plan competitions in New England, and offers the largest prizes. Most business plan competitions are university- or college-based.

Sponsors of the 2008 Rhode Island Business Plan Competition

Sponsors the 2008 Rhode Island Business Plan Competition include private companies, nonprofit organizations, public agencies, colleges and universities, and foundations, as follows: Hinckley, Allen & Snyder LLP, Kahn, Litwin, Renza & Co., Ltd., Seyfarth Shaw, Shazamm, Brown University, Edwards Angell Palmer & Dodge, LLP, Embolden Design, and Nortek, Inc.

Also supporting the competition are: Brown Forum for Enterprise, Business Development Company of Rhode Island, Cherrystone Angel Group, CVS Caremark, Federal Electronics, Inc., Greater Providence Chamber of Commerce, Johnson and Wales University, Point Judith Capital, Providence Business News, Rhode Island Commodores, Rhode Island Economic Development Corporation, Slater Technology Fund, Bryant University, Citizens Bank of Rhode Island, Item Group, Starkweather & Shepley Insurance Brokerage, Inc., Heartlab/Agfa, Naval Undersea Warfare Center, RDW Group, Rhode Island Society of Certified Public Accountants, Salve Regina University, Smith Barney, Software Quality Associates, The Employers Association, The Mergis Group, and University of Rhode Island.

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