The Rhode Island Business Competition, established in 2000, is an annual initiative designed to foster entrepreneurship and stimulate the creation and growth of businesses in Rhode Island. This competition encourages both new business ideas and early-stage companies, aiming to create jobs and economic growth within the state. The competition is supported by a broad coalition of private businesses, investors, universities, nonprofit organizations, and former competitors. Over the years, it has become the leading community-supported business plan competition in the Northeast.

The competition is open to individuals or teams of any size, with participants encouraged to submit original business concepts that will lead to the establishment of growth businesses in Rhode Island. Applicants must be 18 years of age or older. The competition is primarily focused on new or early-stage businesses, with a special emphasis on those at the "seed" stage, where there may be a product or concept but little to no income generated yet. Business pitch decks may be submitted by individuals or teams, but all applicants must commit to establishing or continuing operations that employ people in Rhode Island if they win or become finalists. This condition is essential, as prizes are awarded only to businesses committed to contributing to Rhode Island's local economy.

The Rhode Island Business Competition features a robust prize pool, with cash and in-kind services worth over $100,000. Awards are given to the competition’s winner, along with two to three finalists. The finalists and semi-finalists also receive valuable support, including free co-working space for two months and mentoring services. Additionally, all semi-finalists are eligible to enter the MassChallenge accelerator program, offering further opportunities for growth and networking. The competition's judging schedule includes multiple rounds of evaluation, with finalists having the opportunity to present their business plans in person.

The judging process is rigorous, and applicants are advised to submit a well-thought-out business pitch deck. The judges assess various aspects of each application, including market potential, financial projections, and the applicant’s qualifications to execute the proposed business. The online application process requires careful attention to detail, and all applications must be submitted by 5 p.m. Eastern Time on March 25, 2025. Applicants should take the time to develop their responses offline and save their work, as the competition allows for the submission of incomplete applications, which will not be accepted.

After submitting the application, semi-finalists are invited to email their full business pitch decks by April 9, 2025. The competition culminates in presentations to the judges on April 16, 2025, with finalists invited for in-person meetings on April 22, 2025. The decisions of the judges are final, including interpretations of the rules and prize allocations.