2023 BLDC Business Plan Competition

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Information About the 2023 BLDC-EAP Business Plan Competition

The Binghamton Local Development Corporation (BLDC) and the SUNY Broome Entrepreneurial Assistance Center (EAC) based at SUNY Broome are launching the annual BLDC-EAP Business Plan Competition, which awards $7,500 in prizes to the best business plans for developing a business in the City of Binghamton. The competition is held online and in person with technical support provided by the Binghamton University Office of Entrepreneurship and Innovation Partnerships located at the Koffman Southern Tier Incubator. For a competition packet and complete details, please click here.

The competition which is the longest running in the Greater Binghamton area, seeks to cultivate local business development and promote the entrepreneurial spirit and raise awareness about the EAP training, BLDC financing and other community resources for small business growth.

In 2022, the BLDC increased the prize payout to $7,500 total, awarding $5,000 for 1^st place, $2,000 for 2^nd place and $500 for 3^rd place with gift certificates for the remaining finalists. It is anticipated that the awards will encourage high quality entries and provide useful assistance to the development of young businesses.

In addition to the $5,000 cash award, in 2022, the 1^st place winner (only) received several additional awards generously donated by Binghamton businesses and organizations:

5 hours of accounting services courtesy of Davidson Fox & Co., Binghamton.
$500.00 of legal counsel courtesy of Coughlin & Gerhart, LLP.
One year membership in the Greater Binghamton Chamber of Commerce.
$500.00 in sign creation services courtesy of 3i Graphics & Signs, Binghamton.
$500.00 in website services courtesy of FreshySites, Binghamton.
$500.00 in branding services courtesy of Idea-Kraft, Binghamton.
One year membership in the Triple Cities Makerspace, Binghamton
3-months free co-working membership at the Koffman Southern Tier Incubator courtesy of Binghamton University’s Office of Entrepreneurship and Innovation Partnerships.

Previous winners include several successful businesses such as:

2022 winner Strategic Test Prep specializes in SAT and ACT test prep as well as math and science subject tutoring. Second-place winner Downtown Danny’s operates a food cart specializing in hot dogs and sausages. Third-place winner USEFUZE created a mobile app to help trade and service workers build their own side businesses.
KLAW Industries has a proprietary process to extract recycled glass from the household waste stream, refine and market it as an additive to manufacturing concrete.
Parlor City Vegan specializes in vegan foods and cheeses at their new 81 Clinton Street eatery and takeout.
Tesorina Boutique, a women's fashion store is located downtown and has a thriving online business.
FreshySites has over 35 team members, has completed over 2,500 projects and serves customers throughout the Northeast US.
Idea-Kraft is a graphics creation and internet advertising design firm. Founder, Ewelina Zajac-Holdrege was named a 2021 Entrepreneur of the Year selected by New York State’s Entrepreneurial Assistance Centers.

For a complete list of prior Business Plan Competition winners, please click here.

Rules:

Applicants must plan to start a business or have an existing business that is no more than five years old.
Applicants must demonstrate the ability to finance and open the business in the City of Binghamton within four months of winning the competition and commit to keeping the business in the City for a minimum of three years.

Competition Format:

The steps of the competition are as follows:

Business Plan Development Workshop: the 2023 competition offers free online “Business Plan Development Workshops”, March 27–29, 5:00–6:00 pm which features local experts in banking, marketing, entrepreneurship, legal considerations and pitching your business. Applicants are strongly encouraged to complete business start-up or management training with the Entrepreneurship Assistance Center at SUNY Broome OR attend some of these workshops. For the 2023 Business Development Workshops flier please click here.
Application & Executive Summary: interested applicants will need to complete an application and provide a 1–2 page Executive Summary by April 5^th. A team from BLDC and EAP will review and select the most viable business ideas to participate in the competition as finalists.
Finalists—Full Written Business Plan Submission: next, finalists are invited to submit full business plans which will be reviewed and graded (60% of total score) prior to oral presentations. Participants not submitting or providing incomplete plans will not be advanced in the competition.
Finalists—Oral Presentations: next, written business plans are reviewed by the judges in advance of the oral presentations (40% of score) which take place in person at the Koffman Incubator. Each participant has up to 15 minutes to present and 10 minutes for Q&A with the judges. We recommend augmenting presentations with PowerPoint, product samples, demonstrations, etc.
Winners: following the oral presentations, scores are totaled, and place winners are determined. The winners are announced by the Mayor, BLDC, SUNY-Broome and Binghamton University officials at a scheduled press conference.