Rhode Island Business Plan Competition Prizes Now Total $170K

PROVIDENCE – (March 7, 2008) – The 2008 Rhode Island Business Plan Competition today announced that it has increased to $170,000 the total value of prizes to be awarded to this year's winners in May.

The winner in the entrepreneur and student track, in addition to cash and a number of in-kind services, will now also receive a tuition-paid slot at an intensive training program for entrepreneurs. Each of the two prizes, donated by the Greater Providence Chamber of Commerce, is valued at $2,000.

The entrepreneur track is open to existing and aspiring entrepreneurs. The student track is open to any undergraduate or graduate student attending an accredited institution of higher learning in the United States. The winners and runners up in these two tracks will share $169,000 in prizes.

Last fall, the competition also introduced a high school track, which will award $1,000 in cash to the winner, who must be a registered student at an accredited Rhode Island high school.

Hosted by Derby Management of Boston, the leading business management coaching firm in New England, the Entrepreneur Launch Pad training program aims to help entrepreneurs dramatically improve their chances for success. Topics to be covered include:

    * Raising venture capital
    * Ramping up sales
    * Hiring an "A" level team
    * Understanding critical legal issues
    * Forming a board of directors
    * Critical success metrics

Competition Co-chair Garrett B. Hunter said the training program will provide invaluable insight to those who participate in it.

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.