Mayor Kraham Announces 2023 Binghamton Business Plan Competition

At a press conference on Wednesday, City of Binghamton Mayor Jared Kraham announced the start of the 2023 Binghamton Business Plan Competition.

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The Binghamton Business Plan Competition rewards an individual or team for the best plan for developing a business in the City of Binghamton with cash prizes and services from other businesses.

This year's winner will receive $5,000 in cash in addition to a variety of services from other businesses, like accounting and legal services, graphic design, branding, and a one-year membership in the Greater Binghamton Chamber of Commerce.

In a press release, Mayor Kraham stated "This annual contest connects local entrepreneurs with the resources and support needed to grow a business, encouraging creative ideas and promoting small business development in our community. Binghamton has a rich history of entrepreneurship and a vast network of individuals, companies and organizations willing to help new businesses thrive. Thanks to all the sponsors of this year's contest, and best of luck to all the contestants."

Second and third place finishers will receive a $2,000 cash prize and $500 cash prize respectively with all other finalists receiving gift certificates.

According to the press release, applicants must either plan to start a business or have an existing business that is no more than five years old and they must demonstrate the ability to finance and open the business in the City of Binghamton within four months of winning the competition and commit to keeping the business in the City for a minimum of three years.

There will also be workshops for participants from March 27 to 29 from 5 pm to 6 pm. Interested participants can register on the City of Binghamton website.

Applications for the 2023 Binghamton Business Plan Competition are due by April 6th.