Rhode Island Business Plan Competition Announces Green Track

PROVIDENCE – (Sept. 29, 2009) – The Rhode Island Business Plan Competition, the only one of its kind in New England supported by a broad consortium of publicly held and private companies, universities and colleges, and public agencies, today announced that it will introduce a Green Track in the 2010 competition.

The new Green Track, supported by a lead grant from the Rhode Island Economic Development Corporation (RIEDC), will be open to any entrepreneur, would-be entrepreneur, college or university student, or student group with an innovative and scalable plan for a green business.

“We applaud the RIEDC for taking the lead in introducing this innovation to the competition, and look forward to reviewing plans for green companies,” said Competition Co-Chair David Mitchell, dean of the College of Business at Johnson and Wales University.

Michael Saul, interim executive director of the RIEDC, noted, “The green economy, widely recognized as a promising component of our economic growth, will succeed largely though the entrepreneurial efforts of many people. The Rhode Island Business Plan Competition represents an important way to encourage the development of innovative businesses, which we’re pleased to support.”

Green Track applicants are encouraged to create new business strategies and activities that accelerate the development of the green economy in Rhode Island, protect and preserve environmental integrity in the region, and enhance business performance. Business plans should demonstrate a commitment to protect/boost natural resources, promote alternative and renewable sources of energy, and/or directly or indirectly reduce negative environmental impacts.

The 2010 Rhode Island Business Plan Competition will formally launch on Oct. 29. Applications may be made online at any time, but are due no later than next April 5, with winners to be announced in early May,

About the Competition

Established in 2000, the Rhode Island Business Plan Competition has become an important element of the Rhode Island entrepreneurial landscape. To date, it has awarded more than $630,000 in prizes to competitors developing companies that span a number of 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 writing, financial planning, and presentation skills workshops. In addition, the competition hosts the annual Rhode Island Elevator Pitch Contest, in which participants have 90 seconds to make a presentation to a panel of judges, who then provide constructive feedback and award cash prizes.

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