BINGHAMTON, N.Y. (WIVT/WBGH) — An annual competition could be providing an extra boost for entrepreneurs looking to take advantage of a brightening economic outlook.
The City of Binghamton today announced a business plan competition, hosted in partnership with the Binghamton Regional Development Authority and the SUNY Broome Center for Entrepreneurial Development and sponsored by M&T Bank.
The winner will receive a $5,000 prize as well as a range of in-kind services to help launch their business.
Last year's winner was Steve Gonyea of Electric Light Apparel.
Gonya uses flexible hybrid electronics to create illuminated graphics that can be integrated into clothing or worn as pins.
Gonya said going out on his own was daunting after spending most of his career at Lockheed Martin.
“It's very scary. I've never been in business before, I've never started a business. I've always worked for someone else. So it's very scary. But it's great to have this Coffman Incubator here. I heard about this competition and I was working on a prototype at first and thought maybe it's a little early but I'll give it a go anyway. They liked my idea and they provided me with funding so it's very helpful,” Gonya said.
Participants will be encouraged to take part in a series of entrepreneurship workshops.
In addition to $5,000, the overall winner will receive accounting services from Davidson Fox, legal advice from Coughlin and Gerhart, a one-year membership to the Chamber of Commerce, website design from Freshy Sites, signage from 3i Graphics, branding assistance from Idea-Kraft, a one-year membership to the Triple Cities Makerspace and a three-month membership to the Koffman Incubator.
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