Technology PEI Inc. has unveiled plans for a third annual St@rt Up Challenge, a business plan competition in the Information Technology (IT) and New Media sectors.
The competition features two categories, Student and New or Existing Business, and is open to all residents of Prince Edward Island.
The intent of the e-business plan competition is to encourage Islanders to examine the economic opportunities with today's information technologies and to develop new business ideas.
Participants must submit a summary of their business idea, which is reviewed by a panel of judges. Finalists are matched with an industry mentor to assist with the development of a detailed business plan and preparation for a final pitch to the judging panel. This year, business plans may also be submitted based on a New Media project.
A variety of prizes donated by the local business and education communities are available, including cash or computer equipment. The winner of the New or Existing Business category will also receive up to six months tenancy in Technology PEI Inc.'s Incubator Program at Atlantic Technology Centre.
The Honourable Mike Currie, Minister of Development and Technology, says the program is an excellent way to encourage our students and businesses to explore IT and New Media possibilities.
"It is encouraging each year to see the creative and innovative ideas that are submitted by our students and business community," said the Minister. "This program gives participants an opportunity to develop a business plan and to get advice and feedback from business leaders."
The winner in last year's New or Existing Business category, Timeless Technologies, plans to commercially market its idea from last year's competition, "Automated Web Based Conference Call Scheduling System."
The company is now beta testing its product and will launch it under the name Sedule.com.
Co-Owner Justin MacLeod says the St@rt Up Challenge is a great way to develop a new product.
"The format of the event helps bring your business idea into focus, especially when presenting to a panel of judges, you have to look at all the angles," said Macleod. "The feedback, publicity and exposure with the program is also a benefit."
Anyone interested in participating is encouraged to visit the St@rt Up Challenge website at www.techpei.com for a listing of the complete rules, business planning resources and other key information. Participants may also pick up an official St@rt Up Challenge registration kit at Technology PEI Inc. at 94 Euston Street, Charlottetown or at Access PEI Sites (Regional Services Centres) across the province.
The application deadline is March 28. The winners will be announced during IT Week in May.
Support for the competition is provided by Technology PEI Inc., the Government of Prince Edward Island's lead agency in the development, adoption and use of information technologies in business and community.