Business Plan Competitions

The idea of a business plan competition first started in the 1980's at the initiative of some MBA students from Texas and has increasingly gained popularity. Such events happen yearly and rejoice a great affluence of contestants, which highly increases their competitiveness.

Competitions

Organized by Universities

* Babcock Elevator Pitch Competition - Wake Forest University

* Enterprise Creation Competition - Ball State University

* Moot Corp. Competition - University of Texas

* Duke Start-Up Challenge - Duke University

* IBK Capital Ivey Business Plan Competition - University of Western Ontario

* OFC Venture Challenge - Clark Atlanta University

* Venture Adventure - Colorado State University

Held by business organizations

* Jungle Business Plan Challenge - Jungle Media Group

* S.E.E.D. Business Plan Competition - TechKnowledge Point Corp.

* Venture Bowl - National Institute for Entrepreneurship and Carrot Capital

You will wonder probably what exactly do these competitions consist of and where does their popularity come from?

Organizers

Although the organizers and sponsors are usually universities, there are several business organizations that host business plan competitions.

Contestants

Business plan competitions are student entrepreneur events. The contests are organized either for graduate or undergraduate students and it does not necessarily have to be MBA students. The contestants may be student scientists, engineers, MDs or other specialists who strive to create a viable business plan hoping to enter such competitions.

The popularity of such contests also reached some other layers: business plan competitions are also organized with the purpose of giving people the possibility of starting a business. Business plan competitions usually happen as intercollegiate events, but this contest formula has also been taken over by companies who want to facilitate the founding of new businesses.

It is also the case of Ford Motor Company that sponsored the Ford BEST (Building Entrepreneurial Success Today) Business Plan contest in association with SCORE "Counselors to America's Small Business" and DiversityInc. The BEST Business Plan contest took place in the winter of 2004 and addressed all U.S. citizens over 18. All the submitted business plans were judged by an advisory panel from SCORE.

Why the need to participate in such events?

Besides the cash prizes, that, although quite important, will rarely suffice for financing the foundation of a company, there is the advantage of learning from this experience - this will enrich students' knowledge in a greater degree than the mere theoretical aspects they learn from lectures.

Not in the last place, there is the valuable opportunity of pitching the business plans to quite a lot of investors in a very short time.

How Do Winners Benefit?

Innitially started as a valuable opportunity for the students with bright business ideas to express them within contest conditions, the business plan competitions have become a resource for some investors. There are two categories of results of such competitions:

You would say that choosing from purely theoretical plans would be highly improbable for a venture investor. Yet, that's how many successful firms came into being.

1-800 Contacts

A mail-order contact-lens-replacement company in Draper, Utah. The business plan won the 1995 Brigham Young University tournament in Provo, Utah.

Attorneys @ Work

An Internet recruiting and placement service in Atlanta. Competition: 1996, University of Georgia. SensAble Technologies Inc.

In Cambridge, Mass., won the MIT competition in 1995. Epotec Inc.

Competition: 1997, University of Chicago.

However, having good results in an important competition does not necessarily imply launching a company successfully. There is the risk that some investors consider your plan an academic exercise before really studying it and thus the percentage of trust is substantially reduced.

Laura Ciocan writes for http://www.businessplanning.ws where you can find more information about business planning
Please feel free to use this article in your Newsletter or on your website. If you use this article, please include the resource box and send a brief message to let me know where it appeared.
Contact:lauracio@gmail.com

---

Discover How Online College Classes Work

It's no secret that more and more people are looking... Read More

Distance Learning and Distance Learning Online

Distance learning has become extremely appealing and widely attended because... Read More

Acing the SAT Exam

Don't cheat. This goes without saying for 999 out of... Read More

What to Look for When Choosing an Online Degree Program

Choosing an online education program should be exciting and fun.... Read More

Why Study the Flows of Civilization?

The reason to study the flows of civilization is out... Read More

Online Nursing Degree For Busy Nurses

Many who work in the healthcare or nursing industry know... Read More

Aurel Voiculescu Memories From High School

High School Ion Minulescu, Slatina, Graduates 1991.Clasa XII A, Baboi... Read More

Tips On College Selection

It is highly recommended that early in the college selection... Read More

Prepping for the new SAT I

On March 12, 2005, high school juniors across the country... Read More

The College-Bound Students Early Bird Menu

Many parents and students I counsel confuse Early Admission, Early... Read More

Marketing Students: 5 Guidelines For Your Final Paper

Get motivated! ('Why do I write this paper?")This is a... Read More

Need Money for College?

Finding money for college can be a challenge for many... Read More

The Key to Online College Classes - Have It Your Way

Never before has online education been more esteemed than today.... Read More

College Roommates: Threes A Crowd

It's hard enough sharing a dorm room the size of... Read More

Study More Effectively

If you are studying for an exam or if you... Read More

GCSE English I Hate the Moor Notes about Othello

The Shakespearean play "Othello" describes a cruel chain of events... Read More

Why You Should Choose an Accredited Online Degree

An accredited online degree is a college degree that is... Read More

Scholarships not Working for You Neither, Huh?

We're going to college, and we need cash. We have... Read More

Higher Education as Service Trade Exporter In South Africa

IntroductionWhilst it is recognized that South Africa is still in... Read More

Online Colleges as a Resource for Your New Career

Online Colleges require successful team buildingMost online colleges require their... Read More

Academia Fraud and Brain Washing Cartels

Many have a tough time listening to the scientists debate... Read More

Choose the Delivery Mode for your e-Learning Course

There are so many ways to deliver instruction online that... Read More

Chiropractic Schools

Before CHIROPRACTIC SCHOOLS accept one into their educational system, it... Read More

Why Students Turn To Custom Writing Services

Plagiarism has been condemned lately by all types of experts,... Read More

Outstanding Business Professors at WVU, Part 2

Stratford Douglas enrolled at the University of North Carolina in... Read More

Online Education

I always dreamed of going to school and getting a... Read More

Secrets Of Successfully Sitting Exams

Many people work hard studying various subjects to sit for... Read More

Pre-Bachelor

The program should be one term, two terms or three... Read More

How to Find Money for College Education

Many current and future college students need help to pay... Read More

College Residence Life Staff: Speak to Gain Respect

When you speak, do residents listen or ignore you? If... Read More

Most Colleges Require Letters Of Recommendation

I cannot overemphasize the importance of developing strong relationships with... Read More

Distance Education is Now Training the Next Genertation of Medical Assistants

Some people are calling it distance-free learning for the Medical... Read More

Student Loans ? Ensuring a Brighter Future Ahead

Higher education in the university gives students a chance to... Read More