Foundation / Corporation
Rhode Island Business Competition
03/04/21
03/29/21
04/13/21 5:00 PM ET
Opportunity for Rhode Island entrepreneurs to compete for cash awards and in-kind support to develop businesses. Applicants are required to submit an application prior to a full business plan. In addition to the cash award, applicants may also receive access to mentoring and co-working spaces, as well as opportunities to participate for further competitions.
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 plans of original business concepts that will lead to the development of new growth businesses.
Rules:
Applicants may submit an idea for early stage, or seed stage, company. This typically is a business proposal at the inventor stage where there is an idea, a concept, or even a product, but little or no income.
No industry is favored over any other. The competition has received applications for many industries, including data management, food & beverage, education, energy, entertainment, green technology, health & nutrition, hospitality, insurance, maritime operations, med-tech, and software.
The judges focus on originality, scalability, and likelihood of success when winnowing down applicants. Scalability refers to breadth of business. For example, an application to develop a storefront cafe will likely not be viewed favorably. However, a proposal to create a franchised network of storefront cafes will likely garner a more positive reception since it has the potential to create more jobs.
GrantWatch ID#: 178886
$150,000
One winner and three finalists
Prizes consisting of cash and in-kind services, with a total value of at least $150,000, will be awarded to a winner and three finalists in the 2021 Rhode Island Business Competition.
Also, everyone who submits a completed application to the 2021 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 2021, 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.
Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.
The online application will be available January 6, 2021 at:
https://ri-business.com/about/how-to-apply
Email inquiries to:
info@ri-business.com
Send mail inquiries to:
Rhode Island Business Competition
c/o Business Development Company
40 Westminster St., Ste. 702
Providence, RI 02903
USA: Rhode Island
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