The Jules F. Knapp Entrepreneurship Center at Illinois Institute of Technology is sponsoring a new Technology Division in the 2014 Business Plan Competition with the Chicago City Treasurer’s Office. The competition is open to start-up and existing small businesses throughout Chicago.

The top three winners have traditionally shared $10,000 in cash prizes. But this year, The Knapp Entrepreneurship Center is expanding the cash prize pool to $30,000. “Since so much cutting edge business is coming from the tech arena, Jules F. Knapp, the founder of the Knapp Entrepreneurship Center, decided to focus and encourage a greater number of high-tech business plan entries by creating and sponsoring a new Tech Division with an additional $15,000 in cash prizes,” said Donna Rockin, executive director of the Knapp Entrepreneurship Center.

The Chicago City Treasurer’s Office has sponsored an annual Business Plan Competition for the past 10 years. “You can’t build a house without a blueprint,” said City Treasurer Stephanie Neely. “And you can’t launch a business without a plan.”

The contest is preceded by free Business Plan workshops that teach entrepreneurs the basics for drawing up a business plan. All online competition submission forms must be submitted by Monday, June 23, 2014 to the City Treasurer’s website www.chicagocitytreasurer.com.

Overall, 20 finalists will be selected to submit a full business plan. Six winners will be selected based on their ability to clearly and concisely articulate their business ideas. Winners of the Business Plan Competition will be announced at the Treasurer’s Small Business and Entrepreneur Expo on Friday, October 3, 2014.