How many people can enter in one group?

We accept up to five individuals. Everyone involved in the proposed business described in the plan must register via YouNoodle as a team leader or team member and upload their State ID or Driver’s License. The business team leader needs to be a Queens resident and part of the co-founders/management team of the company.

Are the training classes mandatory?

Yes. All eligible applicants and/or the primary and/or secondary team member will be required to attend all four business workshops held from October 2018 until the end of January 2019 in-person. However, if you do miss or are unable to attend the workshops, you can also purchase the recorded online trainings. All in-person training sessions are free. Recorded online trainings cost $25 per training for participants (please note this is a convenience fee).

Can a business advisor from QEDC help me with my business plan?

Yes. We highly recommend you make an appointment to speak to an advisor at QEDC. They can help go over your business plan before you submit it and provide feedback from a judge’s perspective.

What stage does my business needs to be?

We welcome applicants from startup phase businesses who have made less than $75,000 a year in the last three years. If your business has an existing Employer Identification Number (EIN) issued by the IRS and/or structured itself previously as a Sole Proprietorship, General Partnership, Corporation, or Limited Liability Company, you will have to provide proof that your business is a start-up, specifically revenue has been less than $75,000 a year in the last three years. Businesses that are not currently paying taxes, are not tax-compliant or not operating with appropriate licenses and permits will forfeit their prize funding if selected as winners.

Do I have to include all sections in the formatting requirements?

Yes. Incomplete business plans will be disqualified immediately.

What is the required format?

Business plans must be at most 20 pages with 12 PT Times New Roman Font. Additional formatting requirements are here.

Are there any requirements for the winners to use the award fund?

The funds must be used within one year from the date of the award being announced and can only be used for only the intended business purpose described in the business plan and nothing else. Please note that these awards are taxable and the Queens Economic Development Corporation and each winner must complete an IRS W-9 form before a check can be issued. All winners must include a written description on how the funds will be used, sign a release form, and agree to be surveyed for up to five years on the status of their business.

Are business plans confidential?

Queens Economic Development Corporation (QEDC) recognizes that entrants may be concerned about the confidentiality of their business plans. Business plans will not be copied for any purpose other than the competition and internal use by QEDC’s Business Services Department. Entrants are also permitted to exclude any information they regard as confidential (please note, however, that if by excluding information you make your plan more difficult to understand it may be judged poorly). The short description of your business idea will be considered a “public summary” of your plan and may be used in public documentation related to the competition. While all responsible measures will be taken to ensure the protection of intellectual property and preserve the confidentiality of each submission, Queens Economic Development Corporation cannot take further responsibility to protect the intellectual property or other rights of each contestant. Protection of such rights is ultimately the responsibility of each applicant.

A Project of:

Supported By:
The New York City Department of Small Business Services and New York City Council Speaker Corey Johnson

Sponsored By: