You still remember a few years ago when you asked some of your schoolmates to be part of a team to join a business plan competition hosted by your university. Very vivid in his mind is the dedication, persuasion and analytical skills that led his team to the final with many offers to bring his business plan to the initial public offering (IPO). He feels that his entire team has matured and has become more focused on the pursuit of success.
You have now decided that you want to create a business plan contest as a way to give back to society. However, you are beginning to realize that it requires a lot of planning, strategy and focus because this business plan competition can also be the launch pad for an unfamiliar startup. This is the magic of being part of a business plan competition. You already feel the immense sense of great achievement.
Here are some tips to help you on this journey.
Your purpose:
Before you even start creating your own business plan competency, you need to be very clear about what separates yours from other business plan competencies globally. How do you measure the success of your business plan competitors?
The award:
The prize does not have to be all cash. It can also include free administrative support or even matching with a venture capitalist.
Criterion of judging:
The evaluation criteria should be clear and constructive for the participants so that they know what to emphasize during their group presentations.
Sponsorship:
Start getting sponsors from scratch. It is essential that you have a detailed meeting with potential sponsors and understand how your business plan competition can give your organization more positive publicity and mileage.
Jury:
Make sure you have a large number of judges who are considered experts in the field and have no vested interest in any of the teams and are impartial and fair in their judgment. Organize a meeting where you can brief all the judges on the evaluation criteria and how they should adhere to the nondisclosure and confidentiality agreement.
More experienced judges can be offered the opportunity to judge for the finals and should have the ability to ask questions and answers and articulate on what prompted them to offer certain points.
Mentors:
For a more hands-on group of professionals, you can offer them the opportunity to guide the participating teams. This can give judges the opportunity to remain part of the startup even after the end of the business plan competition.
Advertising in the media:
All startups that participate in their competition want 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 and use your products or services.
Any form of advertising can be used to advantage.
Publication:
Consider choosing a few finalists to be part of a book to recognize how they have gone beyond just startups. This book can give you more credibility on a global platform.
You can also create a directory that lists the products or services of all your participating teams and can earn a commission once there is a good match.