Entrepreneurs will compete for $150,000 in prizes in this year’s Rhode Island Business Plan Competition, one of the richest in the state.

The organizers will host a kickoff meeting Oct. 3 to introduce and explain the 2008 competition—and help prospective applicants prepare.

The event, which is free to the public, will be held from 5 to 7 p.m. at the Culinary Archives and Museum at the Harborside Campus of Johnson & Wales University, which offers free parking. Preregistration is required and may be completed online at www.ri-bizplan.com.

The launch will be hosted by competition co-chairman Charles Kingdon, associate vice president of technology partnerships at Brown University.

In addition to learning about changes in this year’s competition, attendees will hear from the winners of the 2007 competition: Michael Glier, chief executive officer and co-founder of Campus Guardian, and Brad Weinberg, co-founder of Providence Health Solutions

Also, Stephen Lane, co-founder and CEO of Item Group, a leading design firm based in Providence, will speak about “From Business Plan to Profits,” detailing what it takes to transform an idea into a money-making enterprise.

After the presentations, everyone is invited to participate in a networking session.

Three local companies have recently agreed to support the 2008 competition, bringing to 28 the number of businesses, nonprofit organizations, colleges and universities sponsoring the competition.

The new sponsors are Citizens Bank of Rhode Island, Item Group, and Software Quality Associates of Providence.

“The support for this year’s competition has been overwhelmingly positive,” said co-chairman Garrett B. Hunter, president of the Business Development Company of Rhode Island. “It demonstrates a strong, shared commitment to the goal of fostering development of new businesses in Rhode Island.”

Sponsors of the 2008 Rhode Island Business Plan Competition include: Hinckley, Allen & Snyder LLP; Kahn, Litwin, Renza & Co. Ltd.; Seyfarth Shaw; Brown University; Edwards Angell Palmer & Dodge, LLP; Embolden Design; and Nortek Inc.

Also supporting the competition are: Brown Forum for Enterprise; Business Development Company of Rhode Island; Cherrystone Angel Group; CVS Caremark; Federal Electronics; Greater Providence Chamber of Commerce; Johnson & Wales University; Point Judith Capital; Providence Business News; Bryant University; Starkweather & Shepley Insurance Brokerage; Heartlab; Naval Undersea Warfare Center; RDW Group; Salve Regina University; Smith Barney; and the Employers Association and University of Rhode Island.

Last year’s competition, which garnered applications from across the United States, awarded $125,000 in prizes to two winners. This year’s event will also award prizes to runners-up in each of the two tracks.

Winners of the 2008 competition will be announced at the May 6 meeting of the Brown Forum for Enterprise, to be held in conjunction with the Business Expo sponsored by the Greater Providence Chamber of Commerce. Applicants need not be based in Rhode Island, but they must agree to use any winnings to establish or expand business operations in Rhode Island.

Ten business leaders are participating as judges in the 2008 Rhode Island Business Plan Competition. They are:

•Richard L. Bready, chairman and CEO, Nortek Inc.

•Larry Davidson, principal, Kahn, Litwin, Renza & Co. Ltd.

•Sixcia Devine, Providence metro regional director, Rhode Island Small Business Development Center

•Richard Evangelista, vice president, Federal Electronics

•Margaret Farrell, partner, Hinckley, Allen & Snyder LLP

•Ann-Marie Harrington, president, Embolden Design Inc.

•Garrett B. Hunter, president, Business Development Company of Rhode Island

•Charles Kingdon, associate vice president, technology partnerships, Brown University

•Lisa Nelson, director, product management, Agfa Healthcare

•Weng Tao, CSO and vice president, research and development, Neurotech USA

Complete information, including rules, application procedures, guidelines and business plan resources, is available at www.ri-bizplan.com.