R.I. Biz Plan to offer record $271K in prizes to winners

THE RHODE ISLAND BUSINESS PLAN COMPETITION is going to award $271,000 in cash and business services to its winners in this year's competition.
THE RHODE ISLAND BUSINESS PLAN COMPETITION is going to award $271,000 in cash and business services to its winners in this year's competition.

PROVIDENCE – With the April 3 deadline drawing near, the Rhode Island Business Plan Competition on Wednesday announced it will award a record-breaking $271,000 in prizes for this year’s competition.

The organization, which bills itself as the largest community-support business plan competition in New England, will give out prizes comprising cash and in-kind services from 63 sponsors, which is the most in a single year since the competition first started awarding prizes in 2001, according to a press release. Sponsors include various public, private, nonprofit and educational institutions, along with six former competitors.

“The sustained level of support from the Rhode Island business and nonprofit community is truly extraordinary and makes a decided difference to local emerging companies working to create the next generation of businesses,” said co-chairs Margaret “Peggy” Farrell and Anthony Mangiarelli in a joint statement.

Farrell is a partner at the law firm Hinckley Allen & Snyder LLP, and Mangiarelli is a partner at accountancy Kahn, Litwin, Renza & Co. Ltd.

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This year’s deadline to apply is April 3, and winners will be announced in May, according to the release.

The competition gives aspiring entrepreneurs an opportunity to win cash and services to establish and expand businesses in Rhode Island. It’s been the starting point for some now-successful organizations, including CompNet Insurance Solutions, Materials Science Associates, Newport Biodiesel, Social Enterprise Greenhouse, StormTree and Rajiv Kumar’s former company ShapeUp, which was acquired by Virgin Pulse last year. The aforementioned are all part of this year’s sponsorship group.

The competition has awarded more than $2 million in cash and services since its founding in 2000.

Judges for the 2017 were also announced as follows:

  • Kim Anderson, an investor and co-founder of Ava Anderson Non Toxic, now Pure Haven Essentials
  • Margaret “Peggy” Farrell, partner, Hinckley Allen
  • Katharine Flynn, executive director, University of Rhode Island Business Engagement Center
  • Andrew Hughes, partner, Locke Lord
  • Anthony Mangiarelli, partner, KLR
  • Ray Mathieu, board director, trustee and investor
  • Lou Mazzucchelli, investor and coordinator of Entrepreneurship Programs, Bryant University
  • Thorne Sparkman, managing director of the Slater Technology Fund
  • Jeffrey Wilhelm, chief technology officer at Envision Technology Advisors

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