You still remember a few years ago when you asked a few of your classmates to be part of a team to participate in a business plan competition organized by your university. It's so vivid in your mind about the dedication, persuasiveness, and analytical skills that led your team to the final with plenty of offers to bring your business plan to the IPO (IPO). ). You feel that your whole team has matured and become more focused in the pursuit of success.
You have now decided to create a business plan competition to give back to society. However, you begin to realize that it takes a lot of planning, strategy, and focus, as this business plan competition can also be the launching pad for an unfamiliar startup. It's the magic of entering a business plan competition. You already feel the immense sensation of great achievement.
Here are some tips that will help you on that path.
Before you even start creating your own business plan competition, you need to be very clear about what separates your own and a host of other scale business plan contests. global. How do you measure the success of your business plan competition?
The prize does not have to be all cash. It can also include free administrative support or even pairing with a venture capitalist.
Judging criteria should be clear and constructive for participants so that they know what to focus on during their group presentations.
Start getting sponsors early. It is essential that you have a detailed meeting with potential sponsors and understand how your business plan competition can give their organization more positive publicity and mileage.
Make sure you have a large number of judges who are considered subject matter experts and have no interest in any of the teams and who are impartial and fair in their judgment. Set up a meeting where you can brief all judges on the judging criteria and how they should adhere to the Non-Disclosure and Confidentiality Agreement.
More experienced judges may be offered the opportunity to be judges for the final and must have the ability to do questions and answers and articulate what caused them to offer certain points.
For a more practical group of professionals, you can offer them the opportunity to mentor participating teams. This can give your judges the opportunity to continue being part of the startup even after the business plan competition ends.
Each startup participating in your competition wishes to make its product or expertise known to as many people as possible. So you need to make sure that your business plan competition gets the most positive publicity possible.
This is especially important for startups who may not have won the competition but are very keen on getting more potential customers to learn and use their products or services.
Any form of advertising can be used.
Consider picking a few finalists to be part of a book to recognize how they've gone beyond just being startups. This book can give them more credibility on a global platform.
You can also create a directory listing the products or services of all your participating teams and you can get a commission once there is a good game.