R.I. Biz Plan 2012 competition announced

PROVIDENCE – The Rhode Island Business Plan Competition announced the launch of its 2012 competition will take place Oct. 26, with Gov. Lincoln D. Chafee scheduled to be in attendance.

The kick-off event is free and open to the public and will be held at the Rhode Island Center for Innovation & Entrepreneurship from 5 to 6:30 p.m.; online pre-registration is required.

Winners from last year’s competition will speak about their experience at the event and share insights on what it takes to win. Last year, the winner and finalists took home prizes valued at more than $250,000.

The competition will also host the Rhode Island Elevator Pitch Contest on Dec. 7.

“Startup companies are vital to the future growth of Rhode Island, and we’re seeing more and more established companies reaching out through the Business Plan Competition to support the next generation of entrepreneurs. We’re looking forward to another great year,” said Larry Davidson, principal with the Providence-based accounting firm of Kahn, Litwin, Renza & Co. and co-chair of the competition.

“Many factors favor Rhode Island as the startup state for new businesses, including a thriving network of entities, like the Business Plan Competition, focused on helping entrepreneurs, as well as access to a strong talent pool, connections to investors throughout the Northeast, and a good quality of life,” said Co-chair David Mitchell, dean of the College of Business at Johnson and Wales University.

The competition has two tracks: a student track for those enrolled in a university or an entrepreneur track for those aged 18 or over.