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Business Plan Competition: Free Support

Definition, Explanation

The first business plan competitions came to being in the days of the internet boom. In this way, new companies were able to gain capital and investors like business angels and venture capitalists were able to get at ideas. After the internet bubble burst, such competitions are still enjoying great popularity even though the objectives have changed. Nowadays, it is all a question of presenting a convincing and well thought through business plan.

With events, training, documents and the contact to companies, the organisers help to draw these up. The participants get free advisory services, coaching, contacts to other participants, investors and businesspersons and in the case of winning a price, the first public attention. The greatest benefit for each participant lies within receiving qualified feedback and being forced to draw up a business plan that takes the various aspects of establishing a company into consideration. It thus goes beyond the requirements for applying for a start-up benefit.

Tips, Checklist

• Take part in a business plan competition even if you find your idea too trivial or small
• Make use of the possibilities of information by means of brochures, training, events and discussions
• If it is not too time-consuming, participate in several competitions. You enlarge your network, obtain more feedback and further ideas for implementation and find partners to discuss your plans with
• Write your business plan and submit it. In doing so, you work on your plans systematically and are forced to complete them within a time limit
• Do not let criticism discourage you. Many an idea first had to be understood until it could be asserted. It is important to always present your idea better and in the end, acquire customers with it
• Even at business plan competitions, a lot of people bustle, who above all want to earn money themselves and make use of this possibility to get in touch with potential customers. Counting among these are consultants, lawyers, tax advisers, marketing experts, psychologists, etc. Discussions at the events are usually free-of-charge. Should you meet up with them outside the event, then always clarify in advance, what the services and prices are. Then decide whether it is worth it or whether you could obtain the information and advice in another way
• Consider well, which competition you could benefit from the most. Civil servants at advisory centres cannot give you as much advice as other businesspersons or other entrepreneurs who understand your problems and who can provide direct contacts. Hands off theoreticians who discourage and frustrate you in the end
• Prepare a good elevator pitch for your discussions. In doing so, you can quickly get into conversation with potential partners

Last update: 01/09/2010