Popular Business Plan Competition Announces New Eligibility Rules

SALEM, Mass., Dec. 1, 2011 /PRNewswire/ -- The Enterprise Center at Salem State University today launched the 2012 North of Boston Business Plan Competition -- now in its eighth year -- with the announcement that broadened eligibility rules will open the competition to more companies. The popular competition, which seeks to identify and support promising regional businesses, offers cash awards of $5,000 first prize, $3,000 second prize and $2,000 third prize.  The competition is open to businesses anywhere that are willing to locate in Essex County and the Merrimack Valley.

Traditionally, the competition has targeted companies less than three years old. The new rules now invite older, established companies to compete if they have a new product, service, initiative or growth strategy. The requirement that companies plan to add at least five full-time employees within two years remains. Applications must be received by 5 PM Friday, January 27, 2012.

The open invitation also helps to explain both the popularity of the annual competition, which is now in its eighth year, as well as the variety of businesses that have been winners. Winners in 2011 were as follows: First place went to Notch Session Ale, Salem & Ipswich, MA, which has introduced a lower-alcohol beer that British pubs call session ale because people can enjoy a longer socializing "session" without becoming inebriated. Tides Medical LLC, Marblehead, MA, won second place; it sells high quality, complex orthopedic implants for joint and spinal surgery directly to hospitals. The third place winner was Groupize LLC, of Gloucester, MA, which provides state-of-the art group travel planning, booking and socializing.

For regional business leaders, the competition identifies new growth businesses that can contribute to the local economy. As Enterprise Center CEO Christine Sullivan puts it, "We want them to start here, stay here, and grow here. Entrepreneurs put fire in the belly of our regional economy."

For applicants, the competition is not really about the cash prizes, welcome as they may be. Pavel Menn, CEO of 2007 winner MOST Corporation, expressed it this way. "We entered the North of Boston Business Plan Competition to force ourselves to improve our business plan and make it as strong and persuasive as possible to obtain outside funding. Winning first prize gave us an enormous boost, helped us get organized and has been crucial to our success ever since."

An important benefit of the competition is exposure to business leaders, many of whom are sponsors, serve as judges, or attend the competition finale in April. The expert judging panel can include early stage investors, venture capitalists, bankers and other experts, all of whom examine each plan to select the winners.

The Enterprise Center is currently seeking sponsors for the 2012 competition. Interested parties should contact Christine Sullivan (978-542-7039, [email protected].)  Complete rules, application and other information about the 2012 North of Boston Business Plan Competition, are available at  www.enterprisectr.org/bpc or call (978) 542-7528.

The Enterprise Center at Salem State University arms business owners at every stage of business development with the knowledge and skills to grow profits and succeed. The Enterprise Center is located at 121 Loring Avenue, Salem, MA  01970. Phone 978-542-7528, www.enterprisectr.org.

SOURCE Enterprise Center at Salem State University