1. Choose the competition carefully 

The Winners Podium

Competitions are not equal. As you’ll have noticed from this blog they are run by many sorts of organisations (private companies, media groups, government agencies or universities) with vastly different agendas.  Consider carefully the amount of time it will take and what the end result will be. Don’t automatically be put off if the prize fund or cash payout is small – often the contacts you will make and the advice you’ll receive as part of the process will be as valuable as winning the top prize.

2. Be prepared, do your research 

Give yourself time to research and prepare.  Having judged a few competitions recently and having spoken to other judges, I’ve noticed that many business plan competitions entrants share a weakness – they are unsure or unfamiliar with the market for their product. Judges often have experience of the market you are pitching in and can spot a deficiency in market knowledge easily.  There is a wealth of information out there, from your own market research and testing, to online resources like VentureNavigator. Use them!

3. Seek out mentors and get advice

One of the most important things you can do in a business plan competition, wherever possible, is to find advisors and mentors with experience in your field. Their advice should feed through to your written plan,  pitch or presentation. It’s a sure ways to avoid tripping up on point 2 (above)!

4. Practice, Practice, Practice  

If you get as far as standing in front of a judging panel, don’t wing it.  Practice your pitch and try to pre-empt some of the question they may fire at you (financials, routes to markets, skills and people you may need etc.)  A word of warning – there’s a fine line between practicing enough and sounding like a robot. Expect to think on your feet a bit.

5. Listen to feedback and act on it

Any business plan competition entry starts with as good a chance as the next. In most competitions there will be several stages and the field gets progressively smaller. If you don’t listen to the feedback and make adjustments as you go through the process, you’re missing a vital opportunity to get ahead of the game.  

6. Be confident and passionate

Winners of business plan competitions (be they individuals or teams), always display confidence in their plan and passion about their ideas. From a judges point of view you can tell this even from an early written plan entry and certainly when they walk in a room. Look and act as if you believe what you’re saying or you’ll be at a serious disadvantage.

 And if you don’t win…

Remember, there is more to a business plan competition than just winning. The feedback you receive and the contacts you make may prove to be the most valuable thing for your new business.    AH5MR73Q2NXB