Do you want to be the most successful businessperson? Find out how you can beat the next contest for your business plan.
- It is reported that the National Small Business Association says that 41 percent of small companies are unable to grow due to a lack of capital. One method to raise capital is to participate in an annual business plan contest that provides cash prizes.
- Judges are interested in knowing the market fit of your product, as well as how you intend to expand and develop your company.
- A well-constructed elevator pitch created for a business plan competition will allow you to describe what sets your business apart from the competition and how it can sustain its long-term success.
datachannel.org– National Business Plan Competitions for Entrepreneurs. Participating in a competition for business plans can be an enjoyable experience. It can help you concentrate on how you’d like to grow and run your business. It will provide funding and guidance in the event that you win.
To be in a good position to win the prize, you need to understand your business plan in and out, figure the right competition for you, and what judges are looking for. Becoming innovative and ensuring there is an audience for your concept will allow you to create an appropriate business plan that you can launch in a competition.
A chance to win a major prize or even money to your business could be an excellent reason to participate in one of the many national competitions for entrepreneurship and business. Here are seven top competitions worth participating in. [Read the story in connection with: Best Business Plan Software The Best Business Plan Software
1. Rice Business Plan Competition
Rice’s business plan contest is now in its 20th year , and has expanded from nine teams contesting in the $10,000 prize to 42 contestants competing to win over $1.5 million in cash prizes.
The contest was designed to provide entrepreneurs from collegiate backgrounds with an opportunity to refine their plans for business and pitches in order to get funding and increase the marketability of their product.
The highlights of the competition include real-world experiences to discover the steps to start a successful company, as well as the chance to learn from experienced entrepreneurs and investors.
Applications for 2020’s competition are accepted until the 27th of January in 2019.
2. tecBRIDGE Business Plan Competition
It is the tecBRIDGE Business Plan Contest, in its 17th year is divided into 2 divisions: noncollegiate and collegiate. Students from 14 universities and colleges are competing in the collegiate division , while entrepreneurs in the early stages can participate in separate divisions.
The winning teams receive cash prizes as well as services worth over 100,000. There’s even a business plan competition designed for teens in the high school.
Dates for 2020 registration have not been officially publicized; please check the website regularly for updates.
3. Milken-Penn GSE Education Business Plan Competition
The Milken-Penn GSE Business Plan Competition is one of the most highly regarded and well-funded education business plans competitions. It is available to all applicants all over the world and offers a route to ventures and also for suggestions.
The contest’s themes include early childhood education, workforce training urban education, and much more. Cash prizes are available for as much as $40,000.
The winners of 2019 have been announced at Philadelphia, Pennsylvania, on October. 7. Dates for 2020 entries haven’t been announced yet The website is regularly updated for any updates.
4. Pistoia Alliance President’s Startup Challenge
This contest is open to startups focused on digital health and informatics technology. Five finalists will receive $5,000 and will be able to present their ideas before Pistoia Alliance members at its U.S. conference. Two winners will be awarded an invitation to the startup support day, $20,000 of prize cash as well as six months of coaching from a senior member , and an annual subscription to Pistoia Alliance.
The competition entries for this year are now closed. the winners will be announced in the near future.
5. HATCH Pitch
HATCH pitch is a competition in which the finalists present their business plans in front of an expert panel of judges made up of investors from the corporate, angel and venture capitalists who pick the winners and give applicants feedback.
Originating from one of the initial events of the inaugural SXSW Interactive Startup Village in 2012, HATCH became an independent program and event in the year of 2016. HATCH Pitch is run by volunteers from across the U.S.
The winners of 2019 have been announced at Austin, Texas, on the 11th of March. The dates for 2020 entry aren’t yet set The website is regularly updated for any updates.
6. The College of New Jersey’s Mayo Business Plan Competition
The purpose of this contest is to help students gain awareness of the difficulties involved in building an entrepreneurial business. Every TCNJ students are welcome to participate, and each team must consist of at minimum two, but not more than four TCNJ students.
Achieving the prize is contingent upon the team’s ability to develop an effective business plan and it’s up to the participants to seek out sources like advisors and mentors.
The registration process for 2020 team registrations for the Mayo Business Plan Competition Plan is now open. Teams must complete the Intent To Compete Form before November. 29, 2019.
7. New York Business Plan Competition
This business plan competition has six categories: information technology/software, social entrepreneurship/nonprofit, clean technology, advanced technology, products and services. Teams competing in this contest must be comprised of undergraduate, graduate and community college students registered at New York colleges and universities.
Cash prizes are offered to the top teams in the Ten major areas. The competition doesn’t require participants to submit a complete business plan. Applications are required to be made on the internet.
The deadline to apply for 2020’s competition is on March 8.
A successful business plan
The core of a business plan that is successful is an impressive elevator pitch. A elevator pitch allows you to clearly explain the difference between your company and other companies, what you can provide and the reasons why it is likely to succeed.
“Business plan competitions are opportunities for undergraduate students and others to submit business ideas, and have them evaluated,” said Vincent Lewis, director of the Crotty Center for Entrepreneurial Leadership at the University of Dayton.
Lewis believes that the type of judges of competitions for business plans are looking for will depend on the contest and its structure. They might be looking for how well the business plan, while others might be more concerned with economic development initiatives to help create new ventures.
“Judges in our competitions are looking at the viability of the idea and the ability of the team to execute the idea,” Lewis explained. “Our judges are not concerned with the market opportunity in terms of size, but are more interested in determining if this is something that can move to launch.”
There’s no guarantee to take home the top prize in an event for business plans However, aesthetics are important and you can impress the judges with a simple and beautiful business plan. Keep in mind that you’re displaying your passion and creativity and not just submitting your work.
“Visually, it should be clean, with vibrant and attractive colors and different sections broken up clearly,” said Peter Selmeczy, chief executive officer of SEO Tech. “I recommend avoiding an in-depth,30-page business plan and, instead, go for no more than 10 pages.”
Selmeczy claims that the reason why that you should try to write the shortest business plan is due to the fact that judges will take the time to read the entire plan, particularly when it’s long. In order to grab their attention, presenting research and data also makes your business plan make a splash.
Each judge panel isn’t identical, but some of the most important elements that judges take into consideration when comparing business plans
- Clarity: Explain your business plan, team’s expertise, and financial projections in a concise and clear manner.
- Marketing: Does there exist a marketplace for you? If there isn’t a market for your company or product, then preparing to the launch stage can be difficult.
- presentation: Build a cohesive business plan that’s both accurate and visually appealing. A good first impression can go far.