Rockville REDI Business Plan Competition Now Accepting Applications!

>This from Rockville Redi:

Rockville Economic Development announces the commencement of the 7th Annual StartRight! Women’s Business Plan Competition ,which is open to Maryland, District of Columbia and Virginia businesses that are at least 51% women-owned and have been in operation for two years or less. The top prize for the 2010 winner will be the EagleBank First Prize of $10,000 cash along with in-kind prizes of a $10,000 Comcast Spotlight customized advertising package and a one year virtual membership in the Montgomery County Innovation Network from the Montgomery County Department of Economic Development. Other prizes include the Shulman, Rogers, Gandal, Pordy and Ecker Second Prize of $5,000 cash, the Foster, Soltoff and Love Third Prize of $2,500 cash, and the ActionCoach Judges’Choice prize of $2,500 cash.

In 2009, 40 women submitted business plans. Eight were selected to make an oral presentation to a panel of judges. Jodi A. Cook, PhD, the founder and CEO of Thesia Medical, LLC of Baltimore, Maryland took the EagleBank First Prize. “The StartRight! Women’s Business Plan Competition was extremely valuable,” says Dr. Cook. “The review process and honest feedback was nothing but helpful, and REDI and the sponsors networked me with potential investors and legal, business and finance experts. I’d encourage every entrepreneur out there to enter as many competitions as possible and especially this one because the prizes are significant and provide early stage companies with meaningful funds.”

In its first six years, the StartRight! Competition attracted more than 170 participants from across the region. Jessica Hsu, CEO, and Jennifer Hsu, President, of DC-based Clairvoyant Technologies, Inc., won the Shulman, Rogers Second prize in 2009 and moved to Montgomery County shortly after the competition. “Participating in the competition was the deciding factor for us to move to Montgomery County,” says Jessica Hsu. “The competition introduced us to REDI and other organizations in Montgomery County that ultimately made the connections for us to make the move. The competition prize gave us added credibility.” The company’s first product is Pi’s Kingdom, a digital game-based learning tool that is closely aligned with one of the nation’s most widely used mathematics curricula. The prize funds were used to help develop a second prototype product. “The business plan is the heart and vision of what you want to do and how you are going to do it,” continued Ms. Hsu. “The competition process forces you to sit down and explore the multiple facets of your business plan idea. It also provides valuable feedback from industry veterans that guides you to think of new angles and possibilities.”

Lisa Martin, owner of Howard County-based Wellness Evolution, LLC, a full service holistic health and fitness studio, took the 2009 Foster, Soltoff & Love Third Prize. The company, which incorporates fitness, nutrition, massage therapy, acupuncture and life coaching into its programs, , is located in Columbia, Maryland.

“The goal of this business plan writing competition is to encourage women entrepreneurs to create a roadmap to success,” said Sally Sternbach, Executive Director of REDI. “Statistics show that women entrepreneurs are a growing segment of the small business community, and this competition is designed to encourage them and provide them with precious resources to help them grow their business. It also dovetails with our monthly business plan writing seminars which provide men and woman entrepreneurs with the tools needed to write an effective business plan.”

Executive summaries for the competition are due by March 26, 2010 and full business plans are due by March 31, 2010. Complete rules are available at www.RockvilleREDI.org.

Each month, Rockville Economic Development, Inc. provides free programs and events. Upcoming seminars include a class for those considering entrepreneurship, “The ABC’s of Starting a Business”, on February 12, and “How to Write a Business Plan” on February 23rd. To learn more about these seminars, visit www.RockvilleREDI.org.

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