Online Applications Invited for Rhode Island BusinessPlan Competition that Will Award $50,000...

Business/Technology Editors

PROVIDENCE, R.I.--(BUSINESS WIRE)--Dec. 12, 2000

Aspiring entrepreneurs have an opportunity to win $50,000 and jump start their business idea by applying online to the Rhode Island Business Plan Competition.

Applications for the competition

Complete rules and application procedures are available online at www.ribizplan.com.

Rhode Island's first business plan competition is open to anyone with an innovative idea to start a new business in Rhode Island, or to those who want to take an early stage company to the next level.

The Business Development Company of Rhode Island (BDC) is underwriting the prize and co-organizing and promoting the competition with the Rhode Island Economic Development Corporation (RIEDC).

Eligibility to Participate in the Competition

Any individual or team may submit a proposal to the Rhode Island Business Plan Competition. Proposals may focus on any type of commercial activity, but must describe a new business or an early stage company.

An early stage, or seed stage, company typically is at the inventor stage where there is an idea, a concept, or even a product, but little or no income has been generated yet.

Among the criteria judges will consider when evaluating plans are:

- The commercial potential of the business, with a strong bias toward
high-growth oriented businesses.

- The innovative nature and technical feasibility of the idea.

- The credibility of the assumptions and projections, and the ability to
achieve a sustainable, competitive advantage.

About the Rhode Island Economic Development Corporation

The RIEDC, which provides access to Rhode Island's economic development services, assists existing Rhode Island firms grow and expand, and actively attracts new business and investment to the state. Specialized representatives connect businesses with a wide range of programs and incentives appropriate to their business needs.

The RIEDC is on the Web at http://www.riedc.com.

About the BDC

The BDC, an affiliate organization of the Greater Providence Chamber of Commerce, founded in 1953, works with member banks and other senior lenders to assist manufacturing, distribution, and service businesses retain and expand employment in Rhode Island by providing debt and equity to fund new equipment and construction, working capital, and business expansion. The BDC also finances acquisitions of existing Rhode Island companies and out-of-state companies moving to Rhode Island.

The BDC is on the Web at http://www.bdcri.com.