Business Plan Competition
Windowofworld.com – The idea for a business plan competition first started in the 1980s on the initiative of several MBA students from Texas and has grown in popularity. Such events occur annually and delight many contestants, which increases their competitiveness.
Organized by the University
* Babcock Elevator Promotion Competition – Wake Forest University
* Company Creation Competition – Ball State University
* Moot Corp. Competition – University of Texas
* Duke Starting Challenge – Duke University
* Ivey IBK Capital Business Plan Competition – University of Western Ontario
* OFC Venture Challenge – Clark Atlanta University
* Venture Adventure – Colorado State University
Organized by a business organization
* Forest Business Plan Challenge – Forest Media Group
* S.E.E.D. Business Plan Competition – TechKnowledge Point Corp.
* Venture Bowl – National Institute of Entrepreneurship and Carrot Capital
You may be wondering, perhaps what does this competition actually consist of and where does their popularity come from?
Although the organizers and sponsors are usually universities, there are several business organizations that host business plan competitions.
The business plan competition is an event for entrepreneurial students. Contests are organized for either graduate or undergraduate students and do not have to be MBA students. Contestants may be student scientists, engineers, MDs or other specialists who are trying to come up with a viable business plan in hopes of entering the competition.
The popularity of such contests also reaches several other layers: business plan competitions are also held with the aim of giving people the possibility to start a business. Business plan competitions usually occur as an inter-college event, but the contest formula has also been taken over by companies looking to facilitate new business start-ups.
This is also the case of Ford Motor Company sponsoring the Ford BEST Business Plan (Building Entrepreneurial Success Today) contest in collaboration with SCORE “Counselors to America’s Small Business” and DiversityInc. The BEST Business Plan contest took place in the winter of 2004 and is aimed at all US citizens over the age of 18. All business plans submitted are reviewed by an advisory panel from SCORE.
Why is it necessary to participate in such an event?
Apart from cash prizes, which, while quite important, are seldom sufficient to fund the establishment of a company, there are learning advantages from this experience – it will enrich students’ knowledge beyond just the theoretical aspects they are learning. lecture.
Not in the last place, there is a valuable opportunity to promote a business plan to many investors in a very short time.
How do Winners Benefit?
Starting from a valuable opportunity for students who have bright business ideas to express in contest conditions, the business plan competition has become a platform for several investors. There are two categories of competition results:
You would say that choosing from a purely theoretical plan would be very unlikely for a venture investor. However, that’s how many successful companies exist.
Mail order contact lens replacement company in Draper, Utah. The business plan won the 1995 Brigham Young University tournament in Provo, Utah.
Lawyer @ Office
Internet recruiting and placement service in Atlanta. Competition: 1996, University of Georgia.
SensAble Technologies Inc.
In Cambridge, Mass., Won the MIT competition in 1995.
Competition: 1997, University of Chicago.
However, getting good results in important competition does not necessarily mean that the company was launched successfully. There is a risk that some investors perceive your plan as an academic exercise before actually learning it and thus the percentage of confidence decreases substantially.