2021 Binghamton Business Plan Competition
The Binghamton Local Development Corporation (BLDC) and SUNY Broome’s Entrepreneurial Assistance Program (EAP) 2021 BLDC-EAP Business Plan Competition has started! This competition awards $5,000 to the best plan for developing a business in the City of Binghamton.
In his 2/26/21 announcement Mayor David said, “Promoting small business development and entrepreneurship are key objectives of the City of Binghamton. I look forward to seeing the new ideas generated by this competition.”
The Binghamton Local Development Corporation (BLDC), the Entrepreneurial Assistance Center (EAC) based at SUNY Broome and the Binghamton University Office of Entrepreneurship and Innovation Partnerships at the Koffman Incubator are launching the 13th annual BLDC-EAP Business Plan Competition, which awards $5,000 to the best business plan for developing a business in the City of Binghamton.
The competition which is the longest running in the Greater Binghamton area, seeks to cultivate local business development, promote entrepreneurial spirit and raise awareness about the EAP training, BLDC financing and other community resources for small business growth. As with prior years’ competitions, organizers anticipate that the award will attract high quality entries, and provide useful assistance to the development of young businesses.
In addition to the $5,000 cash award, the winner will receive additional awards generously donated by Binghamton businesses and organizations:
5 hours of accounting services: Davidson Fox & Co., Binghamton
$500.00 of legal counsel: Coughlin & Gerhart, LLP, Binghamton
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 Freshy Sites, Binghamton
$500.00 in branding services courtesy of Idea-Kraft, Binghamton
3 months free co-working membership at the Koffman Southern Tier Incubator courtesy of Binghamton University
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.
Previous winners include several highly successful businesses such as Infiniti Greens, Parlor City Vegan, Tesorina Boutique, Next Wave Motors, FreshySites, Communikey, and Idea-Kraft. 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 online; Next Wave Motors is pursuing intellectual patents for an electric motorcycle conversion kit; Communikey employs a marketing team of seven in downtown Binghamton; FreshySites has over twelve offices in the Northeast US; and Idea-Kraft has become a regional graphics creation and internet advertising design firm.
The free online “Business Plan Development Workshop” was held Wednesday, March 31, 2021 from 5:00pm—7:30pm. The workshop was open to any individuals interested in competing and covered best practices in starting and growing a business. A link for a recording of the workshop is found here.
Links for the application packet with eligibility requirements and important dates are located above. If you have any questions please contact Binghamton Economic Development at (607) 772-7161 or EcoDev@cityofbinghamton.com.