CARTOONS BY CHRIS BRITT

get valuable feedback to take you to the next level. Remember too that investors may be
in the audience. Use the competition to increase awareness of your idea and plans. You
just never know who may follow up with you, winner or not. Whatever you do, make sure
you practice and refine your pitch. Have people poke holes in your idea and get used to
fielding the questions that may come up in the competition.
ADVANTAGES
Feedback. The judges will give you valuable feedback during your pitch. Listen to the
advice and heed it to shore up holes in your plan.
Connections. Business plan competitions offer a terrific opportunity to network with
investors, other business professionals and potential partners.
Visibility. Many competitions receive extensive media coverage, including industry
trade publications. Use the competition to build awareness about your company and its
offerings.
Money and perks. While winning isn’t necessarily the reason to enter, winning is nice.
Depending on the competition, you can win prize money, office space, the chance to pitch
to a larger pool of investors, free mentorship, etc.
Moving the sticks. Competition deadlines can force you to become more focused on
moving your idea to market. It can help you crystalize your thinking, refine your elevator
pitch and compress your milestones.
DISADVANTAGES
Time intensive. Preparing for a competition is not a casual undertaking. You need to
do your research, punch holes in your idea, practice your pitch and have responses to
questions. This is time you may be taking away from the business of your business.
Exposing your ideas to others. There are plenty of ears listening at business plan
competitions. A participant or audience member could become your competitor down the
line.
Equity. Bigger prizes may mean that you’ll need to sign over a percentage of your equity,
which ultimately could be a deal breaker.
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