Many business plan competitions are held through local
business schools. Entry dates are typically in late fall, with
judging completed by March of the following year. Check with
business schools in your region to find out if local business people are
eligible to compete in the business plan competition -- it may not take
much to become a "student".
There are a surprising number of business
plan competitions open to the general public. I saw one last year
from a mid-size town in Canada that wanted to attract high caliber
businesses, and so created a competition, with the substantial first place
prize dependent on the company re-locating to that town. It was a
really nice town. If I had a high caliber business that could have
been re-located, I think I would have given it a try.
Some "business plan
competitions" are nothing more than elevator pitches, that pithy 2-3
minute spiel that grabs an investor's attention. Others are far more
substantial.
Some require an oral presentation; some
don't.
Some include coaching sessions.
Some assign business tutors to assist.
And the prizes vary substantially.
Most are very modest prizes, with the biggest "prize" being the
opportunity to present in front of potential investors.
Other "prizes" involve some
type of assistance in getting a business started.
And some offer prizes in the hundreds of
thousands of dollars. Once in a while I see one that offers a
million dollars or more.
While many business plan competitions are
presented by non-profit groups, some are organized by profit-making
corporations. Both kinds of events can be quite good. The ones
planned by profit-making corporations tend to charge an entry fee.
While most such events are on the up and up, do some checking on them to
be sure. At a minimum, check with the local Chamber of Commerce and
Better Business Bureau to see if they are known in the area.
Before participating in a "business
plan competition", be prepared with all necessary paperwork and oral
presentation. At a minimum that is:
The business plan itself;
The elevator pitch;
A 15-20 minute oral presentation; and
A completed web site.
Although the competition itself may only
call for a 10-minute oral presentation, be ready to meet and greet and
persuade any and all potential investors who come your way.
Remember: you only get one
"up". Make it a good one.
Also see:
Business
Plan Competitions for Women -- one million women-owned businesses are
being awarded cash and mentoring to enable them to become million dollar
enterprises.
Tell
a colleague about this site.
You CAN
Get The Funding Your Business Needs --
And
Get It NOW!!
Your 7-Step Business Plan, with ...
Dozens and dozens of
businesses
Templates in MS Word
and Excel, two programs you already know
Templates and
examples for all sections, INCLUDING FINANCIALS!
Over 100 pages in
all, with loads of step by step directions
