PROVIDENCE, R.I.– With sponsorship from Rhode Island’s credit unions, the first Lt. Governor’s Entrepreneurship Challenge in this state has been launched.
The initiative, which is a business pitch competition that encourages entrepreneurial-minded high school students to compete for thousands of dollars in post-secondary scholarships, is being led by Rhode Island Lt. Governor Dan McKee and is being co-sponsored by Millennial RI.
The challenge begins with participants creating written business plans that will be scored by members of the local business community, according to the Cooperative Credit Union Association. The top five scorers advance to a live Shark Tank-like pitch competition in August 2018 during which students will present their business pitches to a panel of judges and receive scholarships based on their pitch.
“The Credit Unions of Rhode Island are excited to be part of this important initiative to get young people engaged in the exciting realm of entrepreneurship," said Paul Gentile, president/CEO, Cooperative Credit Union Association, in a statement. "Credit unions believe in educating our youth in all sorts of areas, whether it be financial literacy or the business world. It's important to get them thinking about the future and we want them to have the confidence to pursue their dreams. This program will help do just that."
The Rhode Island program is modeled on the Kentucky Lt. Governor’s Entrepreneurship Challenge.
According to the Providence Business News, the credit union association will distribute a combined $9,000 through Millennial RI, a young professionals group. No state funds will be used towards the competition.