The state’s universities and hospitals are already playing major roles in the development of a knowledge-based economy. But like the overall state economy, future growth of that sector will be driven by innovative entrepreneurs and startups, as evidenced by a record number of applicants for this year’s Rhode Island Business Plan Competition.
A total of 103 applications, including 72 entrepreneurs and 31 students, were received. That’s far more than any year since the contest started in 2000 and a 69 percent increase over last year, when 61 applications were filed.
Why the jump in interest? Organizers say they worked harder to advertise the competition, which will announce winners on May 3 at the Rhode Island Business Expo. And this year’s prizes were increased from $195,000 to $250,000 in cash and services. But another reason, says Larry Davidson, co-chair of the 2011 contest, is growth in the state’s community of entrepreneurs.
The competition’s 16 semifinalists include prime examples of businesses expected to grow and sustain the knowledge economy, he said.
Proposals include new ways to provide surgeons with 3-D images, to pay restaurant tabs via smartphones, a mobile power source for personal electronics, and software allowing retailers to link inventory via the Web or mobile devices.
All may not prove viable businesses, of course. But those that do will bring jobs and help stamp Rhode Island as a developing innovation hub. •