Business plan contest will award $850,000 in prizes
McAuliffe Administration has announced a business plan contest that will award $850,000 in prizes for winners.
At least four winners will be chosen in the Virginia Velocity business plan competition, which opened for applications on Friday.
The deadline for submitting an application is July 17.
The governor’s office said the competition will focus on entrepreneurs in two key growth sectors, bioscience and energy.
The contest is open to all companies in these sectors, including those based outside of Virginia.
Applicants must be for-profit companies that have been engaged in their current business for at least 24 consecutive months. The minimum age for participating entrepreneurs is 18.
Winning companies must be willing to locate in Virginia for at least two years and are expected to have an office operating in Virginia by January 1.
More detailed information and rules about applying for the competition are available on the Virginia Velocity website at http://www.virginiavelocity.org.