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It’s not easy being an entrepreneur, notes Elizabeth Carter ’85, adjunct professor of Management at Bryant University and executive director of the Rhode Island Business Competition. It’s a calling that tests you to your utmost, strains your resources — financial, mental, and emotional — and can consume your every waking moment. "It's not just a side hustle or even a nine-to-five, it's something you're thinking about and working on constantly," Carter states.

When she says starting your own business is an uphill battle, Carter, the founder and owner of international executive search firm Carter Consultants and Executive, business, and career coaching and corporate training firm Beth Carter Enterprises, speaks from experience. “It takes blood sweat and tears. I joke that there are some days you think of firing yourself,” she admits.

But sometimes a helping hand can make things a little easier. Since 2001, the Rhode Island Business Competition has awarded cash and prizes valued at $2.9 million to aspiring and fledgling entrepreneurs from across the Ocean State and become an important resource, open to all, for individuals and groups looking to bring new ideas into the world. Along the way, it’s helped to grow a start-up community that fuels economic expansion.

“We’re here to provide a foundation,” says Carter, who has held the executive director title since 2019. “Not only to for people to start their business but also to continue to grow them.”

Supporting innovation  Some of the world’s most successful companies, including Uber and Airbnb, were once start-ups, Carter points out. But, in many ways, those are the exceptions: Many startups fail within the first few years. The Rhode Island Business Competition aims to give new entrepreneurs what they need to be success stories instead of statistics.

The ethos of the RI Business Competition, says Carter, is that we better ourselves through practice and experience — and they provide opportunities for the founders of new businesses to test the waters. “You can learn so much in a class — all of the different aspects of a business plan or investor deck, or how to understand the numbers, or the fundamentals of marketing. But then we’re here to push you to take it to another level,” she notes.

Their annual competition, held in April and open to those 18 and older, challenges aspiring entrepreneurs, new businesses, and early-stage companies to outline the problem or issue they want to address, share their business ideas, and explain why their proposed offering is better than others, key elements that all entrepreneurs must work through.

The judges then invite semi-finalists to submit complete investor decks  and evaluate the commercial potential of the applicants’ business, the innovative nature and technical feasibility of their idea, and the likelihood that the business described in the pitch deck can achieve a sustainable, competitive advantage.

After several rounds of deliberation, a final winner is chosen. The winner and 2-3 finalists receive a cash award and prizes, including accounting and legal services and co-working space — which will help them grow even further.

A community that welcomes all  Successful startups can have an important ripple effect, says Carter, by creating jobs across the state and helping to grow the economy.

Rhode Island has a rich history of entrepreneurship, Carter notes, and part of the Rhode Island Business Competition’s mission involves bringing the state’s growing entrepreneurship community together. Supported by a range of sponsors that include private businesses, investors, foundations, colleges and universities — including “Pillar” level sponsor Bryant University  — public entities, nonprofit organizations, and former competitors, the competition’s commitment to strengthening Rhode Island is one of its founding principles and can even be seen in the rules of their contests: All applicants must agree to establish substantial operations in Rhode Island to be considered for prizes as a finalist or winner.

In addition to their competitions, the organization also provides educational workshops covering everything from pitch deck development to knowing your customers, mentoring opportunities, networking events, a co-working space, and a variety of other resources.

Carter points to a November 16 pitch competition the organization will be hosting at Venture Café in Providence as an example of how the Rhode Island Business Competition builds community.

The competitors won’t just be making their case to a panel of judges from the Rhode Island business community — they’ll also be sharing them with a general audience of other entrepreneurs and investors, sparking conversations, partnerships, and mutual insights.

There’s a space for entrepreneurship in every market and field of endeavor, Carter notes, and the RI Business Competition welcomes everyone. Past winners include entrepreneurs working in areas ranging from agriculture to biotechnology to construction to the food and drink industry. 2023 winner Charles Johnson, CEO of Nhuad Custom Controllers, focused on developing bespoke videogame controllers for gamers with disabilities. Melissa Bowley, the 2021 winner, created Flourish Care, a platform that puts women in control of their family’s wellness by facilitating spending during pregnancy on evidence-based goods and services.

Entrepreneurship is a difficult business but being part of that community has its rewards, notes Carter, who lights up when she mentions the above companies and founders — and others that the RI Business Competition has helped. “When I see young — and sometimes not so young because we have no age limit — entrepreneurs flourish, it makes me feel good inside,” she admits.

You can find more information about the Rhode Island Business Competition here. The application process for the 2024 competition opens on January 4, 2024, and closes on March 25. 

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Seven Finalists Selected in 2016 Rhode Island Business Plan Competition

RISBJ Staff | Apr 21, 2016

PROVIDENCE, RI – Seven finalists have been chosen in the 2016 Rhode Island Business Plan Competition that will award prizes valued at nearly $225,000 when winners are announced early next month.

The finalists have proposed businesses that address problems in biotech, consumer, health care, information technology, and manufacturing industries.

All finalists will briefly present their business idea at an Awards Ceremony on May 3 at the Chace Center/RISD Museum in Providence, after which the winners will be announced.

Following are the finalists:

Entrepreneur Track Finalists

Finalists in the Entrepreneur Track include the following:

Neurocurious is developing a computer vision algorithm to automate collection of rodent behavior data, aimed at reducing costs related to this significant component of pharmaceutical R&D. Principal applicant: Kurt Spindler, Providence.

Neurotecnix proposed a electroencephalography system for non-invasive recording of brain activity with software, which objectively measures and localizes pain. Principal applicant: Adam Nitenson, Providence.

Response Technologies is developing a manufacturing process that makes fuel tanks explosion resistant while reducing weight and lowering production costs. Principal applicant: Ed Bard, Cumberland.

XactSense has created a drone-based hardware-software system to survey and inspect hard-to-reach infrastructure components at significantly lower cost and time than traditional methods permit. Principal applicant: Andy Trench, Warwick.

Student Track Finalists

Finalists in the Student Track include the following:

Farmer Willie’s is developing a gluten-free, craft beer that serves the niche ginger beer market. Principal applicant: Nicolas Enriquez, Brown University.

PICCPerfect has developed a functional accessory that enables chronically ill patients to manage peripherally inserted central catheter (PICC) lines to avoid dislodging lines and preventing irritation or infection. Principal applicant: Emily Levy, Babson College.

Vinespect is developing a handheld optical tester that instantaneously and non-destructively determines sugar, pH, and acidity of on-vine grapes, allowing viticulturists to make more frequent field measurements. Principal applicant: Richard McDonald, Brown University

Originally entered in the Entrepreneur Track, Farmer Willie’s was transferred to the Student Track as the principals are students.

Sponsors of the 2016 Competition

Lead sponsors of the 2016 Competition are Bryant University, Focus Vision Media, Hinckley Allen, KLR, Locke Lord, Pure Haven Essentials, and the Providence Journal Charitable Legacy Fund.

Also sponsoring this year’s competition are Bank of America, Barlow, Joseph & Holmes, Ltd., Betaspring, Brown University, Center for Women and Enterprise, Cumulus Media/AM 790, Embolden, Envision Technology Advisors, Ever Hope Foundation, FM Global, Greater Providence Chamber of Commerce, GrowthLab Financial, Hatch Entrepreneurial Center, Johnson & Wales University, Providence Business News, Roger Williams University, Social Enterprise Greenhouse, Tech Collective, University of Rhode Island College of Business Administration.

Additional sponsors include AAA Southern New England, Bank Rhode Island, Beacon Mutual Insurance Co., Bridge.jobs, Business Development Company, Care New England Health System, Citizens Bank, Delta Dental of Rhode Island, Dimeo Construction Company, Gencorp Insurance Group, Gilbane Building Company, IGT Global Solutions Corporation, The Moore Company, Richard Carriere – Morgan Stanley Wealth Management, Navigant Credit Union, Nortek, Santander Bank, ShapeUp, Slater Technology Fund, Teknor Apex, and The Washington Trust Company.

Other sponsors: Bank Newport, Biomedical Structures, Cherrystone Angel Group, Community College of Rhode Island, CompNet Insurance Solutions, CVS Health, Deepwater Wind, Freedom National Bank, Hayes & Sherry Real Estate Services, InsureMyTrip, Rhode Island Commerce Corporation, Starkweather & Shepley, StormTree, and Ximedica.

About the Competition

Established in 2000, the Rhode Island Business Plan Competition supports businesses that have the potential to grow and create jobs in Rhode Island, and has been recognized as one of the top 40 business plan competitions in the country. To date, it has awarded more than $1.8 million in prizes, and today more than 30 companies employing about 300 people currently operate. This year marks the thirteenth time the Competition has been held, annually since 2006.

The Competition is free and open to everyone age 18 or over whether or not they already have started a business. Complete information is available at www.ri-bizplan.com.

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RI Business Plan Competition (Deadline)

March 29, 2021 @ 8:00 am - 5:00 pm.

The Rhode Island Business Competition fosters the development of companies by inviting emerging and established entrepreneurs to submit ideas for a business, in any industry, that is based in Rhode Island and has strong growth potential. The most promising ideas will receive cash and services. Prizes consisting of cash and in-kind services, with a total value of at least $150,000, will be awarded to a winner and three finalists in the 2021 Rhode Island Business Competition. Learn more and apply! 

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Elevator Pitch Contest with RI Business Competition

In-person session

November 16, 2023 | 5:30 PM - 7:00 PM

This contest gives participants a chance to make a business pitch, much as if they’d met a funder by chance and wanted to explain their business proposal – with maybe 90 seconds to explain their business. Just as one wouldn’t present a slide deck in an elevator, presenters must speak without PowerPoints and the like. Following the presentations, we’ll take a 10-minute break, during which the judges’ scores will be tabulated. Prizes totaling $1,000 will be awarded to the best presenters!

Pitching Organizations:

• Artisan Joy – Artisan Joy is an independent magazine and online media outlet that amplifies the work of creative entrepreneurs and chronicles the positive impact of art and craft on the community and economy. Artisan Joy features interviews with diverse entrepreneurs from an array of creative disciplines.
• AutoHeal – Solving Physician Burnout with Artificial Intelligence AutoHeal addresses the multi-billion-dollar healthcare crisis of physician burnout by saving each doctor over an hour every day on documentation. The company uses human-centered artificial intelligence (AI) to automatically complete the assessment and plan in physician progress notes based on critical data already provided by the doctor in the electronic medical records. Their large language models adapt to each medical professional’s unique style.
• Build You Marketing – Build You Marketing is a full-service marketing and PR firm that helps small and medium sized companies grow their communities.
• ConnectedCare – ConnectedCare presents a game-changing healthcare innovation—an app that simplifies medical record management. The company’s cutting-edge Natural Language Process AI organizes data into a seamless, user-friendly format. No more juggling paper documents or struggling with disjointed online portals. With their app, accessing your medical history is effortless and secure. Their goal is to revolutionize healthcare coordination.
• Credit Builder – Credit Builder is a platform that increases customers’ credit scores.
• Dopamind’s ParkinPatch – ParkinPatch is a transdermal therapeutic patch for those suffering with Parkinson’s. It is an efficient and safe drug delivery system ensuring time dependent and accurate dosing of Rotigotine. Unlike its competitors, Dopamind’s ParkinPatch is a user-friendly single use weekly drug delivery system that reduces side effects and alleviates the risks associated with other administration methods.
• E-Maps – E-Maps connects electric car drivers with homeowners and hotels for a luxurious stay while charging their vehicles.
• Elcove – Elcove is a line of zero-waste home care products on a mission to make a sustainable and toxic-free lifestyle accessible. Traditional home care products contain harmful chemicals and are packaged in single-use plastic. Elcove offers a zero-waste alternative with reusable glass bottles and compostable refills. Simply mix the pouch with water to create a highly effective product of choice. Unlike tablet refills, their solution ensures high performance with more active ingredients, setting them apart in effectiveness.
• Empanada Assassin – Empanada Assassin is a flavorful journey rooted in Haitian and Martinique heritage. They specialize in crafting over 30 unique empanada flavors that cater to diverse dietary preferences, with a heavy concentration on gluten-free options. Their mission goes beyond food; it’s about creating connections, fostering a sense of belonging, and sharing stories through the universal language of delicious empanadas. With a commitment to Nutrition, Network, and Nostalgia, they aim to not only satisfy appetites but also nourish the soul, bridging cultures and spreading joy with every bite.
• GivGo – GivGo has elevated gift gifting to make it easy, fun, and relevant. Their secret sauce includes excellent customer experiences, digital personalization and brand loyalty wrapped up in their sophisticated Fintech platform. The company’s “micro-gifting” platform enables friends to give preferred and inexpensive ”micro-gifts” that are immediately redeemable, tradable, re-giftable, and exchangeable. Their revenue model is based on transaction fees generated from their user base sending and exchanging micro-gifts across their GivGo technology.
• HealthChain – The process for recruiting human subjects is currently incredibly inefficient – relying largely on human triaging of potential participants and antiquated advertising methods like paper fliers. The HealthChain team is building a series of new processes for recruiting patients for the 21st century – ones that have the potential to change the landscape of the multi-trillion drug development industry and empower both patients and researchers.
• Hocari – Today, laptops come with a hefty price tag, yet most users barely scratch the surface of their capabilities. Hocari is changing the game by introducing a simple, durable laptop designed for cloud computing, complete with a 5G connection and an affordable subscription model. Not only will users enjoy cost savings, but they’ll also contribute to a more sustainable future. Unlike traditional laptops, this innovative solution won’t be found at your local electronics store, and it won’t break the bank.
• Irada – Self-work is hard, but what if discovering your purpose could be fun? Irada is a self-reflective card game meant to be played with friends and family that helps you discover your Ikigai—a Japanese concept referring to the union of passion, mission, profession, and vocation. Irada is integrated with a mobile application that creates a personalized Ikigai profile and allows users to set ‘Iki-goals’ using behavioral change techniques and social incentives.
• Just Breathe – Just Breathe is making a device designed to help anyone looking to reduce the symptoms and impacts of anxiety through breath-work. The company’s mission is to make breath-work as easy as breathing by bringing to market a revolutionary relaxation device that rests comfortably in your mouth and provides airflow cues to guide users through calming breathwork exercises. It provides a non-invasive, non-pharmacological solution to anxiety that is easy to use, portable, and accessible.
• Legacy Archive – Legacy Archive is a first-of-its-kind family oriented, social networking game that is dedicated to preserving generational knowledge. The stories of family heritage are priceless and too many things are left unsaid. This interactive archival game gives users the opportunity to record their story while engaging their family members near and far. Legacy Archive’s AI generative functions will take the user experience to the next level in unprecedented ways.
• Novel Drug Delivery with Optogenetics – Our brains are protected by the blood brain barrier. This effective filtering system keeps us safe but limits our ability to treat brain disorders because drugs have trouble crossing it. Bendo Therapeutics is seeking to exclusively license an optogenetics method to manipulate the blood brain barrier, so that existing Alzheimer’s drugs are more efficacious. This delivery system converts light into movement of specific cells on demand, opening the barrier to deliver drugs to their target.
• OsteoNano – OsteoNano’s aim is to revolutionize the orthopedic implant market. Early intervention for implant associated bone degradation is a key to preventing implant failure. OsteoNano provides a nanoparticle implant coating to capture the degradation-associated molecules before they even have the opportunity to interact with bone tissue. The orthopedic implant market is growing by nearly 6.5% every year, which makes now the time, more than ever, to intervene and mitigate this risk.
• RESO Technologies, Inc. – RESO is an AI-powered case management tool enabling arbitrators and mediators to increase efficiency, decrease data risk, and reduce the time-to-settlement in their practice. The cloud-based solution integrates LLM-based artificial intelligence and cutting-edge, secure workflow management tools to optimize case intake, scheduling, task management, document management, messaging, and financial administration. In an $18B market, RESO’s integrated functionality will increase case capacity and revenue potential per practitioner.
• RI-OTS (Rhode Island – Oceanographic Technology Services) – In response to the UN’s Decade of Ocean Science initiative, RI-OTS offers hybrid-electric research vessels for both coastal and deep-sea exploration in Rhode Island. Addressing the gap between small boats and large research vessels, the company aims to bolster the Blue Economy by providing flexible, advanced marine charter services to meet the rising demands of academic and independent research.
• SynaptoSolutions – SynaptoSolutions aims to revolutionize the treatment of Schizophrenia and Cognitive Dysfunction with a groundbreaking new drug that enhances neural connectivity and cognitive function. This drug could potentially help 20 million patients in the U.S. alone. SynaptoSolutions aspires to extend their impact to neurodegenerative diseases like Alzheimer’s and Parkinson’s, with the goal of significantly improving the quality of life for individuals struggling with these devastating diseases.
• The LapSnap – includesign is a product design firm creating products for individuals with disabilities. Their flagship product, the LapSnap, is a patent-pending, collapsible carryall designed with and for wheelchair users. The LapSnap sits directly on a wheelchair user’s lap and snaps around the waist, leaving their hands free to maneuver their chair. The LapSnap helps wheelchair users do more tasks independently, such as grocery shopping, going to school or work, and household chores.
• Theragripper – Theragripper is an innovative approach to treat Crohn’s disease-related gastrointestinal inflammation. Utilizing patented drug delivery mechanisms, Theragripper specializes in precisely targeting inflamed tissue for prolonged therapeutic relief, surpassing current standards of care. The company has harnessed research from Johns Hopkins University to create this pioneering solution. This fusion of academic excellence and innovation establishes a compelling investment opportunity, grounded in expertise and forward-thinking science.
• Zmanti – Nearly 50% of women experience long-term incontinence, but just half of that group purchases incontinence products today. The reason is clear: current products are horrible. They are either bulky and uncomfortable adult diapers, or not absorbent enough. And that’s where Zmanti comes in: they are on a mission to enable every woman to live without limits via their stylish and absorbent underwear and incontinence pads, which combine the best of both worlds from current options.

About RI Business Competition

The Rhode Island Business Competition aims to create and foster growth companies in Rhode Island that will increase local employment. It’s all about helping emerging entrepreneurs achieve their dreams.

Established in 2000, the Rhode Island Business Competition is supported by a broad range of sponsors that include private businesses, investors, foundations, colleges and universities, public entities, nonprofit organizations, and former competitors. Today, it is the leading community-supported business plan competition in the Northeast.

3.45-4.20PM Discussion 4.20-5.00PM Q&A

*Note all times are in AEDT UTC+11 time zone

We connect innovators to make things happen

At its core, Venture Café provides the necessary connective tissue to uncover and link the various parts of an innovative ecosysteem. 

Brown engineering students take top prize at RI Business Plan Competition

Brown School of Engineering seniors Abbie Kohler ’20 and Greg Boudreau-Fine ’20 were named winners of the MedTech track last week at the 2020 Rhode Island Business Competition. Winners were announced Wednesday, May 13 at a virtual awards ceremony.

Kohler and Boudreau-Fine’s venture, ResusciTech, is a novel CPR feedback device that will give people the ability to perform CPR accurately in order to increase survival rates of victims of cardiac arrest. The duo received $10,000 in cash along with $40,025 in professional and consulting services. Additionally, they will benefit from 20 hours of mentoring services provided by the New England Medical Innovation Center (NEMIC).

ResusciTech aims to produce a wearable aid to improve the quality of chest compressions. Currently, CPR only has a 40 percent success rate, primarily because of failure to follow CPR guidelines. Rescuers are often stressed and become fatigued as they are performing CPR, making it difficult to maintain the required compression depth and frequency. Studies indicate that this could be improved significantly by providing real time feedback to first responders, helping them to adjust their compressions to give victims the best chance of survival. Kohler and Boudreau-Fine’s app aims to do this by using a proprietary design and simple user interface that is streamlined for rescuers to use in emergency situations. This will result in higher rescuer confidence in their performance of CPR, as well as increased quality of care and survival rate for victims of cardiac arrest.

Kohler (biomedical engineering) and Boudreau-Fine (electrical engineering) were named last fall to Rhode Island Inno’s second annual Inno Under 25 list, a compilation of the best of the Ocean State’s young innovators. The pair spent the summer of 2019 developing ResusciTech in Providence at Brown University’s Breakthrough Lab, an intensive eight-week accelerator program designed to support student entrepreneurs and their high-impact ventures.

ResusciTech was chosen the winner over finalists bosWell, a two-sided marketplace intended to connect health plans and providers to community-based organizations utilizing a free application for client management and linking individuals at these touch points back to care teams, and Synapse Dental, a low-cost, highly effective device to mitigate oral/dental pain in under two minutes for most oral pain issues.

The Rhode Island Business Competition aims to create and foster growth companies in Rhode Island that will increase local employment. This year the competition had two tracks. The MedTech track was supported by Rhode Island Commerce and managed by NEMIC to enhance one of R.I.'s strong and emerging business sectors: medical technologies. The Entrepreneur track is for all other participants which can include any industry specialty. 

Winning the Entrepreneur track was Jonathan Lord, who with his team has designed, manufactured, and marketed electric outboard marine motors for the boating industry called Flux Marine. Finalists in the track included Retail Marketpoint, which has developed a universal, objective, real-time measure that instantly evaluates any location in the U.S. for any retail brand or concept, and Brown’s Jack Roswell (mechanical engineering) and Alex Zhuk’s (mechanical engineering) venture Cloud Agronomics.

Cloud Agronomics Inc. is developing a global analytics platform marketed to traders and producers utilizing advanced cameras mounted on a network of aircraft to gather crop data. Like a CT scan for crops and soil, their breakthrough in geospatial imaging enables in depth nutrient analysis, yield predictions, and carbon monitoring and verification, enabling the digital revolution toward sustainable food production. Entrepreneur Track finalists each received $5,000 in cash and services valued at $13,725.

Established in 2000, the Rhode Island Business Competition is supported by a broad range of sponsors that include private businesses, investors, foundations, colleges and universities, public entities, nonprofit organizations, and former competitors. Today, it is the leading community-supported business plan competition in the Northeast. The competition encourages plans for new businesses, as well as from early stage companies. An early stage, or seed stage, company typically is at the inventor stage where there is an idea, a concept, or even a product, but little or no income has been generated yet.

ResusciTech is the inaugural MedTech track winner of the competition. Entrepreneur track winners connected to Brown in the recent past include Uproot (2019), Your Heaven Audio (2018), HM Solution (2015), Lucidux (2011, founded by Jason Harry, who is now a Professor of the Practice in the Brown School of Engineering) and Axon Labs (2006). From 2006 to 2019, the competition also featured a student track which included winners from Brown University such as H2Ok Innovations (2019), TextUp (2018), Namito (2015), Dual Server Cooling (2014), Azavy (2013), Overhead.fm (2012), Premama (2011), Speramus (2010), Runa (2009) and ShapeUp (2007).

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Pitch contest.

Our pitch contest was held on November 10, 2022, at Venture Café in Providence. See you next year!

About the Pitch Contest

The Rhode Island Elevator Pitch Contest is a high-energy event during which each presenter will have 90 seconds to present their idea to a panel of judges from the Rhode Island business community and a general audience. Should we receive an overwhelming number of applicants, presenters will be chosen by lottery.

This 90-second period represents the time you'd have to share an elevator ride with a potential investor. Just as one wouldn’t present a slide deck in an elevator, presenters must speak without PowerPoints and the like.

This is a great opportunity to get your idea in front of potential investors, gather valuable feedback, potentially meet new teammates or advisors, and possibly win some cash!

Judging Criteria

• Problem is clearly defined.
• Why the proposed solution is better than any other currently available solution.
• Financial potential of the idea.
• Ability to execute plan.
• Overall pitch quality.

Looking to Attend?

• If you are interested in attending to watch this event, a link will be provided prior to the 2023 Pitch Contest.

Looking to Present a Pitch?

• Our pitch submission form is now closed.
• Pitch submissions were due by 5 p.m. on Friday, November 4, 2022.

If you have any questions about the event or presenting a pitch, please email [email protected].