What is it?
Business plan competitions are either a local or national event where an individual or a team can submit their plan to a committee of judges and then pitch or present their businesses at a live event. There are a variety of requirements to enter these competitions. After getting past the entry process each person or team is evaluated based on a list of criteria set by the competition. Participants receive feedback and insights from the judging panel and have the opportunity to network with other business professionals and gain exposure to potential customers or investors.
How it works
A business plan competition not only helps provide seed funding to people who wish to start a business, but it also generates excitement and interest in local entrepreneurship ventures and helps potential business owners become better prepared to succeed. There are many different options, but contest winners are granted some funding to help get new ventures off the ground. To receive the funding, participants must have not only an exciting idea, but also a solid business plan. Studies on small business success rates have shown that having a well considered business plan increases the life span of new ventures. LiftOff Health's business plan competitions also connect participants with resources and mentors to better encourage their success and improve their plan and their understanding of business fundamentals.
Why you should have LiftOff Health organize a competition for you
Business plan competitions allow participants to test their ideas in a safe space, while mentors and advisors get the chance to offer leadership and growth opportunities for scalable business ideas. This environment brings together the entire entrepreneurial ecosystem to help each other groom ideas pre-launch. This preps the idea for survival in the more competitive, high-risk market.
Hosting competitions helps keep organizations on the cutting edge of innovative thinking and creates interest in the larger community to help participants pursue entrepreneurship.
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