(Washington, DC) - The Office of the Deputy Mayor and the Washington, DC Economic Partnership (WDCEP) in collaboration with Advantage Capital Partners and Enhanced Capital Partners will kick off its $100,000 Business Plan Competition on April 6 from 6:00-8:00pm at the Washington, DC Economic Partnership’s office located at 1495 F Street, NW.
In its second year, this competition will award $100,000 of investment capital through the District’s Certified Capital Companies (“CAPCO”) Program to one winner. In addition to the investment capital, the winner will also receive $10,000 worth of legal consultation from Venable LLP.
“The goal of this year’s business plan competition is to encourage entrepreneurship, innovation, and job creation within the District,” said Valerie-Joy Santos, Deputy Mayor for planning and economic development for the District of Columbia and co-chair of the Washington, DC Economic Partnership. “The District offers a unique competitive advantage for businesses that leverage proximity to the federal government.”
“Through the CAPCO Program, the District has developed an effective way to bring venture capital to businesses that are further along the risk curve than banks traditionally serve,” said Ben Dupuy, President of the DC Coalition for Capital and Partner at The Cypress Group. “The Business Plan Competition is an exciting way to make entrepreneurs aware of the District’s small business venture capital program.”
“DC is the perfect place to start a technology or green energy company given its proximity to public and private capital and the commitment of the DC government,” said Mac Brown, CEO of GreenlightAC, a CAPCO investment which provides electric car charging stations.
The competition’s qualifying process includes a written application and finalists will be asked to present their plan before a panel of judges. Evaluation of the plans will focus on the business’s strengths in four areas: management team, financials, competitive opportunity and the extent to which the business capitalizes on the District’s unique status as home to the federal government.
The competition is open to new or existing businesses, with preference given to those that capitalize on opportunities created by the District’s proximity to the federal government. The competition welcomes eligible applicants worldwide, though establishment of a District location by August 28, 2010 is required.
Businesses are encouraged to apply online. Completed applications should be submitted to the Washington, DC Economic Partnership (1495 F Street, NW, Washington DC, 20004) by June 10, 2010.
About the District’s CAPCO Program
The District’s Certified Capital Company (CAPCO) Program is a successful effort by the District of Columbia to increase private-sector venture capital investment in new or expanding small businesses. The CAPCO model combines private-sector expertise in identifying, evaluating, and financing busi¬nesses with the District’s interest in access to capital for small businesses and a stronger local economy. The District’s CAPCO investment funds – which are managed by professional venture capitalists – stimulate the creation of jobs and provide an incentive to retain, expand, and attract a wide range of businesses. Since the enactment of the District’s CAPCO Program, over $25 million in investment capital had been deployed into District small businesses. To learn more about the District’s CAPCO Program, go to dccapco.com.