You still remember that a few years ago you asked some of your classmates to be part of a team to participate in a business plan contest organized by your university. It’s so vivid in his mind about the dedication, persuasion, and analytical skills that got his team through to the end with many offers to take his business plan to IPO. He feels that his entire team has matured and has become more focused on the pursuit of success.
Now you’ve decided you want to create a business plan contest as a way to give back to society. However, he begins to realize that it takes a lot of planning, strategy, and focus because this business plan competition can also be the launching pad for an unknown new venture. This is the magic of being part of a business plan contest. You already feel the immense sense of a great achievement.
Here are some tips to help you on your way.
Your purpose:
Before you even start creating your own business plan competition, you need to be very clear about what separates yours and a host of other business plan competitions globally. How do you measure the success of your business plan competition?
The award:
The prize does not need to be all cash. It can also include free administrative support or even linking up with a venture capitalist.
Judging criteria:
The evaluation criteria must be clear and constructive for the participants so that they know what to emphasize during their group presentations.
Sponsorship:
Start getting sponsors soon. It is essential that you have a detailed meeting with potential sponsors and understand how your business plan competition can bring your organization more positive publicity and mileage.
Jury:
Make sure you get a large pool of judges who are considered experts in the field and have no vested interests in either team and are impartial and fair in their judgments. Arrange a meeting where you can brief all judges on the judging criteria and how they must abide by the non-disclosure and confidentiality agreement.
More experienced judges may be offered the opportunity to judge for the finals and should have the ability to ask and answer questions and articulate what made them offer certain points.
mentors:
For a more hands-on group of professionals, you can offer them the opportunity to mentor participating teams. This can give your judges the opportunity to continue to be a part of the startup even after the end of the business plan competition.
Media advertising:
Each startup that participates in their competition wants as many people as possible to know about their product or experience. Therefore, you must ensure that the competition in your business plan receives the most positive publicity possible.
This is especially important for startups that may not have won the competition but are very eager to get more potential customers to learn about and use their products or services.
Any form of advertising can be put to good use.
Publication:
Consider choosing 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 that lists the products or services of all your participating teams and you can get a commission once there is a good match.
