Islanders looking to start a business in the emerging IT sector are encouraged to participate in an e-business plan competition launched today. The initiative, called St@rt-up Challenge 2000, aims to generate innovative new business ideas from people with an interest in the information technology industry.
All residents of Prince Edward Island are eligible to participate. Winners will receive prizes, including: cash, equipment, Internet access and hosting, marketing support and professional services to help start up a new venture. As well, all entrants will have access to business planning assistance provided by Prince Edward Island Business Development officers located across the province.
"This initiative is an excellent opportunity for Island entrepreneurs to develop their business ideas in an educational and supportive environment," said the Honourable Don MacKinnon, Minister of Development. "It will help foster awareness for the tremendous growth potential of the IT industry in PEI, and I encourage all Island entrepreneurs to participate in this unique and worthwhile event."
The business plan competition exercise has proven very successful at many US universities such as MIT and Stanford. Since 1996, MIT has had 20 new online businesses receive significant start-up funding as a result of their business plan competition.
"This competition is about more than winning," said the Honourable Mitch Murphy, Minister of Technology and Environment. "It's about inspiring Islanders to participate in the Internet economy by nurturing our brightest minds and developing innovative e-business ideas."
Anyone interested in participating is encouraged to register online at the official St@rt-Up Challenge website at http://www.peistartupchallenge.com. Here they will find complete rules, business planning resources and key competition dates. Participants may also pick up an official St@rt-Up Challenge Registration Kit at the Prince Edward Island Business Development office in Charlottetown.
Funding for the initiative is provided by Prince Edward Island Business Development, the lead business development corporation for the province. Through its New Business Development Division, PEIBD assists knowledge-based companies in developing and advancing sound business development initiatives. Additional support is provided by event sponsors, including: Island Tel, Stewart McKelvey Stirling Scales, Island Services Network, Baker Consulting and PriceWaterhouse Coopers.