Deadline: 25 March 2024
Apply for the Rhode Island Business Competition that aims to create and foster growth companies in Rhode Island that will increase local employment.
The Rhode Island Business Competition has been organized to promote entrepreneurship and the development of start-up and early stage companies in Rhode Island by encouraging submission of original business concepts that will lead to the development of new growth businesses.
The Competition encourages ideas for new businesses, as well as from early stage companies. 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.
The Rhode Island Business Competition is supported by its sponsors and organized by co-chairs Peggy Farrell, partner with Hinckley Allen, and Anthony Mangiarelli, partner with KLR.
Prize Details
- Prizes consisting of cash and in-kind services, with a total value of over $100,000, will be awarded to a winner and 2-3 finalists in the Rhode Island Business Competition.
- Also, everyone who submits a completed application to the Competition will receive two consecutive months of free co-working space for their team at Sprout Coworking in the Rising Sun Mills campus in Providence. Free parking and access to meeting space is included.
- And all semi-finalists will receive free mentoring services from RIHub.
- The bonus winner will automatically qualify as a semi-finalist in Get Started Rhode Island, which will award prizes valued at $50,000.
- In addition, finalists will have the opportunity to enter round two of judging in the highly competitive MassChallenge accelerator program — and be one step closer to potentially joining the MassChallenge Rhode Island cohort.
Rules
- Business pitch decks may be submitted by individuals or by teams, but all applicants must be 18 years of age or older.
- There is no limit on the number of people on a team.
- Any area of commercial endeavor is valid.
- All applications must be the original work of those making the submission.
- Applications must describe a new business or an early stage company.
- All semi-finalists must agree that, should they be chosen as a finalist or winner, they will use prize winnings to establish or continue operations that employ people in Rhode Island.
- Existing businesses may propose a new business that would have operations in Rhode Island.
- Partially completed applications will not be accepted. Online applications are due by 5 p.m. Eastern time (U.S.) on March 25, 2024.
- Applicants risk disqualification if they attempt to approach a judge, or have someone do that on their behalf, in connection with the Competition.
- Finalists present to the judges on April 19, 2024.
- The decisions of the judges are final, including interpretation of the rules and allocation of prizes.
For more information, visit Rhode Island Business Competition.
