Earlier this month, plans for the 13th-annual Binghamton Business Plan Competition were announced.

For over a decade, Binghamton has hosted its annual Business Plan Competition with the help of local organizations such as the Binghamton Local Development Corporation (BLDC) and the Koffman Southern Tier Incubator at Binghamton University. According to the city of Binghamton website, the goal of the competition is to promote small businesses and their “entrepreneurial spirit” and to shed light on community resources that are provided for business growth in the area. In order to apply, applicants must plan to start a business or have an existing business that is no more than five years old.

“The Binghamton Business Plan Competition awards prize money and administrative support to the individual or team that submits the best plan for developing a business in the city of Binghamton,” the website reads. “The winner will receive a $5,000 cash award, courtesy of the BLDC, and a variety of in-kind services, such as legal counsel and accounting services, donated by Binghamton businesses and organizations.”

Binghamton Mayor Jared Kraham spoke in the announcement about the decision to host such competitions like this in Binghamton.

“The competition taps into our community’s rich history of entrepreneurship and connects people just starting out in business with the network of invaluable resources that exists in our area,” Kraham said. “I look forward to seeing the new ideas generated by this year’s competition.”

Located in Downtown Binghamton, the Koffman Southern Tier Incubator is made up of offices, labs and common areas that are dedicated to the collaboration and support of entrepreneurs and startup companies, according to its website. Emma Smith, program administrator of the Southern Tier Clean Energy Program, said the Koffman Southern Tier Incubator’s involvement in the competition helps to create a positive economic impact in the Southern Tier and allows for the discovery of top talents in BU and across New York state, particularly among students.

“This event is giving students the platform to unveil their ideas, learn to compete, have a chance to earn money and learn how to start a business to mobilize their dreams,” Smith wrote in an email. “Without this opportunity, they may never take the series of steps to become an entrepreneur. Ultimately, we are advocating for a symbiotic relationship that will keep the students in this community long after graduation, offering the support from local organizations in the community to develop their success.”

Jacob Kumpon, a senior majoring in mechanical engineering, was one of the winners in the 2021 Business Plan Competition. He encouraged students to take advantage of the opportunity, sharing his experience with the founding of his company KLAW Industries — a company that processes waste glass into a replacement form of concrete.

Jacob Kumpon, a senior majoring in mechanical engineering, had used the funds from the 2021 competition to further develop his company, KLAW Industries, which seeks to create cement from recycled glass.

“The resources available to help students at the Koffman [Southern Tier] Incubator and the Office of Entrepreneurship and Innovation Partnerships with competitions like this have been huge for us, allowing us to raise $458,000 while still in school and without giving up our equity,” Kumpon wrote in an email. “We won [this competition] last year and have funded our expansion with competitions like these and grants.”

Kumpon said the prize money also allowed the company to purchase a production facility in Binghamton.

Zoë Handelman, a senior majoring in business administration, said she felt such competitions were important for the Binghamton area, along with the opportunities she said BU has given to students through the Koffman Southern Tier Incubator.

“These competitions give opportunities to young entrepreneurs that they might not have had access to otherwise,” Handelman wrote. “Along with a cash prize, several local businesses have made donations to help jump-start the business idea, which is a good idea to help unify the community. [BU School of Management] also does a lot to advertise entrepreneurial opportunities with the Koffman [Southern Tier] Incubator, so this is a pretty worthy cause.”

Applications for the 2022 Binghamton Business Plan Competition will be due April 6. For more information, visit this link.