PHILADELPHIA, Pa. — A coalition of the U.S. mid-Atlantic region's leading business development advocates have launched a business plan competition designed to identify and support Greater Philadelphia's most promising "New Profiteers" -- entrepreneurs focused on creating sustainable and socially responsible businesses.
The contest -- the first of its kind in the U.S. -- will offer a number of prizes and awards, including up to $250,000 in equity financing, to the New Profiteer who delivers the business plan that exceeds all others in three key areas: high growth potential, social responsibility, and environmental responsibility.
"New Profiteers are all about the business of change," said Judy Wicks, co-chair of the Sustainable Business Network of Greater Philadelphia (SBN), which is one of the lead organizers of the business plan competition. "They are showing the world that focusing on people and the planet, as well as profits, is a viable business strategy."
To enter the competition, entrepreneurs are encouraged to visit the New Profiteer
Web site. The deadline for submissions is October 25th.
With hundreds of entrants expected, contest sponsors and judges will review the submissions to select 20 semi-finalists. Five to eight of these entrepreneurs will make it into the final round to attend the SBN's annual Social Venture Institute, November 17th and 18th.
The New Profiteer business plan competition is the brainchild of several regional business development organizations with a history of community involvement, environmental responsibility, and economic improvement:
- Sustainable Business Network of Greater Philadelphia, a nonprofit that supports the growth and development of businesses striving to make money in socially responsible and ecologically friendly ways.
- Murex Investments, a local venture capital firm that specializes in supporting innovative business ideas.
- Science Center, a leading developer of knowledge communities that commercialize innovations in technology.
- Osiris Group, Inc., a full-service marketing, communications and strategic management firm serving the needs of nonprofit organizations and socially responsible corporations -- both large and small.
The contest is also receiving federal, state, and local support from agencies such as the Mid-Atlantic Region of the U.S. Department of Commerce's Economic Development Administration, the Pennsylvania Minority Business Development Center, and the City of Philadelphia Commerce Department.
"We're proud supporters of this event because its founders and contestants represent the future of American business," said Paul Matyskiela, director of the Mid-Atlantic Region for the U.S. Department of Commerce's Economic Development Administration. "These businesses can be a vehicle for positive social and environmental change, along with generating positive returns for their investors."
Along with the $250,000 equity investment grand prize, which is being offered by Murex Investments, the first runner-up will be eligible for a $10,000 investment. Other awards valued from $500-$25,000 will be offered for 'Best Community Enterprise', 'Best Woman or Minority Owned Business', 'Best Life Science & Healthcare Company', and six other specialty categories.
The winning business plan will also receive entry in the Science Center's Launch Business Mentoring Program, which matches entrepreneurs with leading business executives to foster the commercialization and growth of new companies. Other prizes include business start-up services, including access to valuable technical, legal, public relations and marketing support.
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