New survey of past winners sheds light on importance of the competition

SALEM, Mass., Jan. 19, 2011 /PRNewswire-USNewswire/ -- The North of Boston Business Plan Competition, now accepting applications for its seventh year, plays a significant role in supporting the growth of new businesses in the region, according to a new report just released by the Enterprise Center at Salem State University (www.EnterpriseCtr.org).   A survey of past winners shows that not only was the competition a critical step in the companies' development, but that most are staying and expanding locally.

Thirteen of the 14 winners interviewed began their business on the North Shore, and of those that have not been acquired, all are expanding in the region and expect to stay here, creating jobs and revenues.  Two reported 2010 sales exceeding $1,000,000.

It's not the prize money that matters.  While winners were pleased to receive up to $10,000 awards, they cited other factors as their incentives for entering and benefits of participating.  These should be of interest to those considering entering this year's competition, for which the application deadline is January 28th.  (See www.EnterpriseCtr.org/bpc)

Open to all: This is one of the few competitions in Massachusetts open to companies other than technology ones.  All types of businesses are welcome as well as start-up and early-stage companies, companies that are in the research stage and those that are manufacturing their products, companies that distribute their products on-line as well as in stores.

Discipline and advice: The process of putting together a business plan, the rigor of the thinking that this process entailed, and the feedback from the review teams and judges were seen, by each company, as providing enormous value. Several winners said they would not be in business today were it not for the competition.  

Excellent support:  The Enterprise Center, which manages and oversee the competition, received high marks for the support it has given and continues to provide.  Several companies began in offices at the Enterprise Center and their owners have participated in CEO groups, seminars and forums.

SOURCE Enterprise Center at Salem State University

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http://www.enterprisectr.org