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Entrepreneurs with an innovative idea are being sought to enter the fourth annual Mohawk Valley Business Plan Competition.
The winner of the 2007 contest will be announced at the Leading EDGE Awards luncheon on May 10 at Hart’s Hill Inn.
The winner of the contest will receive a cash award of $10,000 and additional professional services.
"In the last three years, this event has become the focus of entrepreneurs throughout the Mohawk Valley who are looking to jump start their business,” said EDGE Board Chairman Kenneth M. Tompkins.
"In just three years, this event has been ingrained in the minds of entrepreneurs in the Mohawk Valley. The energy and enthusiasm this contest has created is evident in the many inquiries EDGE has received in recent months from people looking forward to this year’s contest,” said Steven J. DiMeo, President of Mohawk Valley EDGE.
"A business plan is a critical step in any business venture, and we hope this contest encourages entrepreneurs with an idea to take the step to develop a business plan,” Mr. DiMeo added.
The business plan contest is open to individuals who live or attend college in Oneida or Herkimer County, and to companies less than two years old with less than $2 million in annual revenue which are located in the two counties.
Entries to the contest must be submitted by Thursday, April 12, 2007. Finalists will be announced by April 27, with the winner announced May 10.
Major sponsors of the Business Plan Contest are M.A. Polce Consulting, Mohawk Valley Applied Technology Corporation, Mohawk Valley Business Journal, Mohawk Valley EDGE, Mohawk Valley Small Business Development Center, Paige Group, Partners Trust Bank, Roberts Office Interiors, Saunders, Kahler, Amoroso and Locke LLC, and Stewart Consulting LLC.
Complete rules and information on the business plan contest will be posted on the EDGE website at www.mvedge.org.
Movement on the Go, the winner of the 2006 Business Plan contest, has seen an increase in business as a result of the cash infusion and attention afforded the company by the contest. The company produces a game used by itinerant physical therapists and occupational therapists, which was developed by the two owners.
“We have benefited greatly from the contest,” said co-owner Denise Collins. “We used the money to pay off our first loan, finance our first production run, purchase computers and attend a conference as a vendor where we landed two more catalogs. We would not be as far as we are today had we not won the contest. It gave us the freedom to step up our marketing, which gave us more exposure and ultimately more catalog sales.” As a result of the early success, Movement on the Go is close to bringing another product to market.
"Without the business plan contest, we would not have been as successful,” said co-owner Laurie Burns. “We did not even feel we needed a business plan until we were urged to enter the contest. We now know the benefits of writing and following a plan. Winning the contest helped us accelerate our plan.
"Therapy catalogs are noticing us in other catalogs and calling us to carry our product,” Ms. Burns continued. “We have been invited to speak at the American Physical Therapy Conference in Boston in February to talk about and demonstrate our game.”
In addition to the cash prize, Movement on the Go took advantage of office furniture provided by Roberts Office Interiors, is working with Paige Group on marketing efforts, and D’Arcangelo and Company is providing accounting services.
2005 winner Critical Communications continues moving forward with commercializing its wireless connectivity solution. The winner of the first Mohawk Valley Business Plan contest winner in 2004, Elegrace Caskets, is now in production in Rome.
In three years, the business plan contest has had 70 entries, many of which are now in business.
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