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Regional Alliance Announces Second Annual
The Central Upstate Regional Alliance has announced the Creative Core $100,000 Emerging Business Competition sponsored by M&T Bank and New York Business Development Corporation (NYBDC), among others. Created to ignite the entrepreneurial spirit of Central Upstate New York, the competition features a $100,000 grand prize, which is the largest cash prize in the nation for a competition of its kind.
Emerging Business Competition Students also invited to enter their best business ideas for $5,000 prize
The Creative Core $100,000 Emerging Business Competition is open to emerging and small businesses within the 12-county Central Upstate New York region with less than $3.5 million in annual revenue. A separate $5,000 prize will also go to the best individual business idea, which is open to any high school or college student in the region. "This type of competition is invaluable for a number of reasons," said Patrick J. MacKrell, president and CEO, NYBDC. "In addition to the substantial monetary prize, the payoff for the winner is contact with experts and investors who may be able to help take the business to the next level. Even if an entry doesn't win, the process should be instructive, as participants will get feedback that could be the catalyst for putting entrepreneurs on the right track for success." The winner of this year's competition was e2e Materials, of Ithaca. This innovative producer of biodegradable composite materials has drawn interest from numerous investors and has been prominently featured in national media. It, along with other entrants in the competition, has been featured in media outlets including the Boston Globe, Wall Street Journal, CBS News, CNBC, and the Discovery Channel. Such competitions have increasingly grown in popularity in recent years. The benefit to investors is exposure to the best and the brightest entrepreneurial minds the region has to offer. Spotting fresh ideas from highly motivated participants can be a fruitful way to discover new investments. The impetus for starting this particular competition grew from the findings of the Essential New York Initiative - the Metropolitan Development Association's (MDA) strategic plan to transform the region to a knowledge-based economy. The study showed that Central Upstate was lagging in new business formation, patent growth and venture capital investment. "This competition shows the serious commitment and effort on the part of our region to support homegrown ingenuity," said Kenneth A. Shaw, MDA chairman. "Central Upstate New York has some of the world's best academic institutions, engineers, scientists and designers. This helps to send the message that not only are great ideas born here, they can grow and become successful here." The goals of the competition are to:
About M&T Bank Founded 150 years ago in Western New York, where it is still headquartered, M&T Bank is considered one of the country's most highly regarded regional banks. Its parent company, M&T Bank Corporation, had over $55 billion in assets as of Dec. 31, 2005, and is one of the 20 largest commercial bank holding companies in the U.S. M&T customers are able to bank at more than 650 branches throughout New York, Maryland, Pennsylvania, Washington, D.C., Virginia, West Virginia and Delaware. In addition, customers have access to an ATM network of more than 1,500 locations, as well as state-of-the-art telephone and web banking. About NYBDC Created by an act of the New York State Legislature in 1955, New York Business Development Corporation (NYBDC) is a private corporation funded by more than 147 New York State banks. Its mission is to promote economic activity within New York State by joining with partner banks to provide innovative loans to small businesses and the communities they support and, particularly, to assist minority and women-owned businesses. NYBDC is a complement to conventional banking, working in partnership with banks to provide term loans, many of which do not meet the requirements for traditional financing. Its goal is to be more creative in underwriting. In many cases, NYBDC includes multiple participations, SBA guarantees, flexible amortization and long-term payouts. About Central Upstate Regional Alliance The Central Upstate Regional Alliance was launched in September 2004 to serve as a vehicle for collaborative regional development. The 37-member, 12-county public-private economic development consortium is building a coalition of regional leaders from business, academia and the public sector willing to work together on a common agenda. About the MDA The Metropolitan Development Association of Syracuse and Central New York Inc. is the region's primary business leadership and economic development organization and the principal private-sector vehicle for the implementation of key development projects in the Central Upstate New York region. For more information, visit www.mda-cny.com. |
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New York Business Development Corporation (NYBDC) Empire State CDC: The 504 Company Statewide Zone Capital Corporation (SZCC) Corporate Headquarters: 50 Beaver Street, Albany, NY 12207 1-800-9-BDC-504 - www.nybdc.com Our Success is Your Success - The process is easy; the possibilities are endless. |
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