SC New York News

Mayor Jared M. Kraham on Wednesday joined members of the Binghamton Local Development Corporation (BLDC) and SUNY Broome’s Entrepreneurial Assistance Center (EAC) at the Koffman Southern Tier Incubator to kick off the 2023 Binghamton Business Plan Competition. 

“This annual contest connects local entrepreneurs with the resources and support needed to grow a business, encouraging creative ideas and promoting small business development in our community,” said Mayor Kraham. “Binghamton has a rich history of entrepreneurship and a vast network of individuals, companies and organizations willing to help new businesses thrive. Thanks to all the sponsors of this year’s contest, and best of luck to all the contestants.”

The annual Binghamton Business Plan Competition rewards the individual or team with the best plan for developing a business in the City of Binghamton.

This year’s winner will receive a $5,000 cash award and administrative support, such as legal counsel and accounting services, donated in-kind by Binghamton businesses and organizations.

Cash prizes for the second- and third-place proposals are $2,000 and $500, respectively. The remaining finalists will receive gift certificates.

This year, M&T Bank has joined as a premier co-sponsor for the $7,500 prize list.

Now in its 13th year, the Binghamton Business Plan Competition is the longest-running competition of its kind in the Greater Binghamton area. It aims to cultivate local business development, promote entrepreneurial spirit and raise awareness about BLDC financing, SUNY Broome’s Entrepreneurial Assistance Program and other community resources for small business growth.

In addition to the $5,000 cash award, the first-place winner will receive the following awards of in-kind services donated by local businesses and organizations:

Five hours of accounting services courtesy of Davidson, Fox&Co.

$500 of legal counsel courtesy of Coughlin&Gerhart, LLP.

One-year membership in the Greater Binghamton Chamber of Commerce.

$500 in sign creation services courtesy of 3i Graphics&Signs.

$500 in website services courtesy of FreshySites.

$500 in branding services courtesy of Idea-Kraft.

One-year membership in the Triple Cities Makerspace.

Three-month co-working membership at the Koffman Southern Tier Incubator courtesy of Binghamton University’s Office of Entrepreneurship and Innovation Partnerships.

The competition’s criteria include the following:

Applicants must either 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.

Participants are strongly encouraged to attend the free online Business Plan Development Workshops sponsored by the City of Binghamton’s Office of Economic Development. The workshops will be held March 27 to 29 from 5 to 6 p.m.

To register, please visit: https://www.binghamton-ny.gov/government/boards-and-commissions/binghamton-local-development-corporation-bldc/2023-bldc-business-workshops.

In addition to the BLDC and the Entrepreneurial Assistance Center, part of SUNY Broome’s Continuing Education Program, support for the competition is also provided by the Binghamton University Office of Entrepreneurship and Innovation Partnerships located at the Koffman Incubator.

Business Plan Competition applications are due April 6.

For more information on how to apply, eligibility requirements and more, visit: https://www.binghamton-ny.gov/government/departments/economic-development/2023-bldc-business-plan-competition-page.

Original source can be found here.