The end of January we highlighted how the North Shore Business Plan Competition was fueling the economy, with applications being accepted for the 2011 competition. This particular business plan competition is unique in that it is open to all companies (rather than just technology focused ones) at any stage in their development. Sponsored by several local and national companies including TD Bank and organized by the North Shore Small Business Incubator & Growth Center at Salem State College, semi-finalists were announced this morning and include:
- Cool Cat Sports – Salem, MA: at the idea state, this business is envisioned as an urban chic sports store. Their tagline says it all: “Look fab, get fit, have fun.”
- Groupize – Gloucester, MA: provides state-of-the art group travel planning, booking and socializing.
- The Longevity Center – Danvers MA: focuses on “the new business of old age,” promoting wellness, mobility, autonomy and social services for over 65’s.
- Lynn Marine Supply – Marblehead and Lynn, MA, takes the concept of a traditional ship’s chandlery into the 21st century with expanded retail lines and e-commerce.
- Notch Session Ale – Ipswich, MA: is capitalizing on the popularity of craft beers by introducing a lower-alcohol beer that British pubs call session ale because people can enjoy a longer socializing “session.”
- Tides Medical – Marblehead, MA: sells high quality, complex orthopedic implants for joint and spinal surgery directly to hospitals.
These semi-finalists will compete for $10,000: cash awards of $5,000 first prize, $3,000 second prize and $2,000 third prize will be awarded in April. Between now and then, on March 31st, each company will be interviewed by a panel of judges who include early stage investors, VCs, bankers and other industry leaders. These judges will pick the three winners, who will be announced on April 11th at the Bertolon School of Business on the Salem State University.
“Entrepreneurs are powerful, but often unheralded economic engines of our local economy and workforce,” remarked Christine Sullivan, CEO of the Enterprise Center, the primary sponsor of the competition. “We need to support them.”
Over the last year business plans have come into criticism in the technology startup world; however, Salem State has conducted studies as well as interviews with participants that prove otherwise for the North Shore Business Plan Competition. Thirteen out of fourteen past winners began their business on the North Shore, and all of them are expanding in the region creating valuable jobs and revenues. Four of the companies even reported 2010 sales exceeding $500,000.
Beyond monetary gains, Heather Ashton, prior winner and CEO Ashton Industries remarked of the competition, “Winning the Business Plan Competition gives you instant credibility and legitimacy and opens doors. We now have relationships with banks and other funders and this would not have been possible without the Business Plan Competition.”
Congratulation to this year’s semi-finalists, and good luck competing for the final prize!
