About 40 pairs of eyes shined brightly last night with the thought of winning $150,000 in prizes from the Rhode Island Business Plan Competition, which encourages start-up businesses in Rhode Island to contribute to the local economy.
The competition, hosted by the Brown Forum for Enterprise, kicked off Wednesday with presentations from past winners and successful entrepreneurs, followed by a networking session at the Johnson & Wales University Culinary Archives and Museum.
"This is an unbelievable competition. You won't imagine how many doors it opened for our business," said Brad Weinberg '03 MD'09, a 2007 Rhode Island Business Plan winner.
Weinberg, along with his business partner Rajiv Kumar '05 MD'09, started Providence Health Solutions - a fitness workplace program - after winning the portion of the contest open to college and graduate students, called the student track. The other portion, the entrepreneur track, is open to professional or aspiring entrepreneurs.
"Time management was essential in dealing with school and working on the plan. Not sleeping also helped," Weinberg joked when asked about how he juggled both medical school and business ambitions. The fitness company he started with Kumar encourages businesses to participate in an employee weight-loss program through team competitions. Kumar also founded Shape Up R.I., a statewide exercise and weight-loss challenge program.
This year, the competition has garnered 30 community-based sponsors in an effort to address the rising crime pattern, including the University, Citizens Bank and CVS. There will be one winner and two runners-up from each track, who will together share the $150,000 in cash and legal and accounting services. The winners will be announced after a presentation made by the finalists during the May 2008 meeting of the Brown Forum for Enterprise, said Charles Kingdon, one of the co-chairs for the competition and associate vice president of Brown Technology Partnerships.The competition requires applicants to start businesses in Rhode Island.
Following Weinberg's presentation was last year's winner of the entrepreneur track competition, Michael Glier. He warned the kick-off attendees of "the things you shouldn't do when pitching a business, but find out afterwards." Glier is chief executive officer and co-founder of Campus Guardian Corporation, a service that matches college students with campus safety officials.
The final and keynote speaker of the night was Stephen Lane, co-founder and CEO of Item Group, a leading design firm based in Rhode Island. Lane will also be one of 10 judges for the competition.
"When you go to art school, you don't do your homework until right before class," Lane explained. Lane is a Rhode Island School of Design alum and currently teaches a 12-week business-plan class at the school.
Those interested in entering the competition must submit a business plan by April and attend several workshops and networking
opportunities.
