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North Boston Rewards Entrepreneurs
Written by Jenna Weiner
The North of Boston Business Plan Competition will reward startup business owners for potential job creation.
In recent news for entrepreneurs, the Enterprise Center at Salem State College has launched its sixth annual North of Boston Business Plan Competition. The competition is aimed at early-stage, startup businesses and existing growth businesses on the North Shore and Merrimack Valley in Massachusetts.
This year, a panel of judges - ranging from early-stage investors to venture capitalists - will select winners based on the potential of their business plans to generate jobs. A prize of $5,000 will be awarded to an outstanding plan for a company less than three years old planning to add at least five full-time employees within the next two years. First and second runners-up in this category will receive $3,000 and $2,000 respectively.
"Entrepreneurs are the greatest economic engine of our local economy and workforce," said Christine Sullivan, executive director of the Enterprise Center. "In these challenging economic times it is even more crucial to find and support growth companies."
Sullivan is not alone in her understanding of new businesses' potential to help turnaround the economy. A recent Kauffmann Foundation study suggests the age of a firm demonstrates the strongest link to the number of jobs generated, with newer firms creating a higher average number of jobs than their older counterparts.
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