The 2014 North of Boston Business Plan Competition is now underway and accepting applications through Friday, February 28, 2014. Designed to encourage companies to start and grow in Essex County and the Merrimack Valley, the popular competition is entering its tenth year...with a twist.
The Peabody Area Chamber of Commerce is pleased to support this annual event. Sponsored by the Enterprise Center at Salem State University, this year's competition will put more emphasis on the ability to develop a concise business concept and present it effectively. As Enterprise Center CEO Christine Sullivan put it, "People today want to get to the heart of an idea quickly. No one wants to wade through a 30-page document. So we're now requiring that entrants submit just a brief executive summary, a few pages of financials and a one-minute video.
Unlike many competitions, the North of Boston contest has no entry fee and is open to any business willing to locate in Essex County or the Merrimack Valley. Companies must be less than three years old or, if older, have a new product, service, initiative or growth strategy. In addition, companies must anticipate having at least five full-time employees within two years
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The competition attracts a wide variety of companies. Last year's finalists, for instance, included first place winner Apptomics, LLC, for mobile applications and devices to help patients with neurological conditions; second place winner North Shore Speech Therapy LLC; and third place winner The Bridge LLC, which has built a social media website for Cape Ann businesses, nonprofits and community groups
Companies compete for cash prizes, but the real value of the competition, according to prior participants, lies in the opportunity to focus on their business strategy and to meet and get advice from the judges, many of whom are local business leaders and potential investors. Winners receive $5000 for first place, $3000 for second place, and $2000 for third.
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For those considering entering, there will be an information session at the Enterprise Center on Wednesday, January 22, 2014, from 8:30 to 10:30 a.m. Complete rules, application and other information about the 2014 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 with the knowledge and skills to start their business, grow, and succeed. The Enterprise Center is located at 121 Loring Avenue, Salem, MA 01970. Phone 978-542-7528, www.enterprisectr.org.
