Get Your Business Funded: Creative Methods for Getting the Money You Need

How to Win a Business Plan Competition

What are the secrets to winning one of these prestigious events? Needless to say, you will need to have a business idea and plan that fills a market need, one that is unique and that resonates. You will need to be able to give a crackerjack presentation.

Here are some other salient points to remember:

Understand the difference. A business plan competition business plan is not necessarily the same as a real-world business plan. Here you have only 15 minutes or so and a short PowerPoint presentation to make your pitch. Hit the highlights. Deal with the core, essential elements. Don't drill down too deep. Topics to hit: size of the market, the unique opportunity, the competition, and your “secret sauce.”

Remember, there's no business like show business. This is not only a competition, it's a public competition. Don't read your presentation and don't memorize it. Be interesting and pithy.

Have a great idea. Judges look for unique ideas that have the potential for high growth. You want to show them how you can leverage what you already have and, with a little help, take things to a new level. Having a patent or some other intellectual property helps.

Be compelling. What you are doing in a business plan competition is showing how your idea is a viable solution to a real market problem. Be charming and smart, yes, but also creative and memorable. Make a compelling case for you, your team, and the business. And yes, it is indeed a tall order.

Have ...