Business Plan Competitions

The idea of a business plan competition firstIt is also the case of Ford Motor Company that
started in the 1980's at the initiative of somesponsored the Ford BEST (Building Entrepreneurial
MBA students from Texas and has increasinglySuccess Today) Business Plan contest in
gained popularity. Such events happen yearly andassociation with SCORE "Counselors to America's
rejoice a great affluence of contestants, whichSmall Business" and DiversityInc. The BEST
highly increases their competitiveness.Business Plan contest took place in the winter of
Competitions2004 and addressed all U.S. citizens over 18. All
Organized by Universitiesthe submitted business plans were judged by an
* Babcock Elevator Pitch Competition - Wakeadvisory panel from SCORE.
Forest UniversityWhy the need to participate in such events?
* Enterprise Creation Competition - Ball StateBesides the cash prizes, that, although quite
Universityimportant, will rarely suffice for financing the
* Moot Corp. Competition - University of Texasfoundation of a company, there is the advantage
* Duke Start-Up Challenge - Duke Universityof learning from this experience - this will enrich
* IBK Capital Ivey Business Plan Competition -students' knowledge in a greater degree than the
University of Western Ontariomere theoretical aspects they learn from lectures.
* OFC Venture Challenge - Clark AtlantaNot in the last place, there is the valuable
Universityopportunity of pitching the business plans to quite
* Venture Adventure - Colorado State Universitya lot of investors in a very short time.
Held by business organizationsHow Do Winners Benefit?
* Jungle Business Plan Challenge - Jungle MediaInnitially started as a valuable opportunity for the
Groupstudents with bright business ideas to express
* S.E.E.D. Business Plan Competition -them within contest conditions, the business plan
TechKnowledge Point Corp.competitions have become a resource for some
* Venture Bowl - National Institute forinvestors. There are two categories of results of
Entrepreneurship and Carrot Capitalsuch competitions:
You will wonder probably what exactly do theseYou would say that choosing from purely
competitions consist of and where does theirtheoretical plans would be highly improbable for a
popularity come from?venture investor. Yet, that's how many successful
Organizersfirms came into being.
Although the organizers and sponsors are usually1-800 Contacts
universities, there are several businessA mail-order contact-lens-replacement company in
organizations that host business plan competitions.Draper, Utah. The business plan won the 1995
ContestantsBrigham Young University tournament in Provo,
Business plan competitions are studentUtah.
entrepreneur events. The contests are organizedAttorneys @ Work
either for graduate or undergraduate studentsAn Internet recruiting and placement service in
and it does not necessarily have to be MBAAtlanta. Competition: 1996, University of Georgia.
students. The contestants may be studentSensAble Technologies Inc.
scientists, engineers, MDs or other specialists whoIn Cambridge, Mass., won the MIT competition in
strive to create a viable business plan hoping to1995.
enter such competitions.Epotec Inc.
The popularity of such contests also reachedCompetition: 1997, University of Chicago.
some other layers: business plan competitions areHowever, having good results in an important
also organized with the purpose of giving peoplecompetition does not necessarily imply launching a
the possibility of starting a business. Business plancompany successfully. There is the risk that some
competitions usually happen as intercollegiateinvestors consider your plan an academic exercise
events, but this contest formula has also beenbefore really studying it and thus the percentage
taken over by companies who want to facilitateof trust is substantially reduced.
the founding of new businesses.