Workshops/Tech Startup Series/How to Succeed at Business Plan Competitions

How to Succeed at Business Plan Competitions

Workshop Information

Business plan competitions are an excellent opportunity for entrepreneurs to take their ideas to the next level. Whether you’re a fledgling startup or an experienced business owner, crafting a winning business plan can be the difference between success and failure. But with so many competitors vying for the same prize, how can you make sure your plan stands out? Our ‘How to Succeed at Business Plan Competitions’ workshop is designed to give you all the tools and knowledge you need to put together a winning business plan. From understanding the judging criteria to crafting a compelling presentation, this workshop will provide you with the skills, strategies and confidence you need to stand out from the crowd and take your business to the next level. Register now and take the first step towards achieving your entrepreneurial dreams.

Tech Startup Series

Understanding the judging criteria

Before you even think about entering a business plan competition, you need to know what it is you’re hoping to achieve. Understanding what the judges are looking for can help you focus your efforts and ensure your plan addresses their needs.

In general, business plan competitions emphasise three core criteria:
  • Business viability: Do the numbers add up?
  • Projected growth: Will your idea grow?
  • Return on investment: Will your plan generate enough return to justify its cost? To help you assess how well your plan meets these criteria, try to answer the following questions. You can then compare the answers with how other competitors have scored in similar competitions.
  • What is the purpose of your business? In other words, why is this idea necessary, and why will people want to buy it?
  • Who are your target customers? Who are they, why will they buy your product, and what are their needs?
  • What is the market size for your product or service?
  • What is your financial model, showing how you plan to generate revenue?
  • What are the risks associated with your plan? What are the potential risks, and how will you mitigate them?
  • What are the key milestones the business will need to achieve?
  • How will the business generate profits?
  • What are the long-term goals and objectives?
  • What are you doing to promote your business?

Crafting a winning business plan

As you prepare to enter a business plan competition, it’s important to understand the judging criteria and how it will be assessed. What you need to do next is craft a winning business plan that addresses the judges’ needs and motivates them to vote for you. The best business plan competitions highlight the judges’ key needs and provide solutions to those needs. The plan should be clear and concise, and the entrepreneurs in the competition must be able to walk the judges through their plans. As judges, we are looking for both the business plan and the person behind it. Judges don’t want to hear about your idea, they want to hear how you will transform that idea into a viable business. Business plan competitions are often judged based on three core criteria:
  • Business viability: Do the numbers add up?
  • Projected growth: Will your idea grow?
  • Return on investment: Will your plan generate enough return to justify its cost?

Crafting a compelling presentation

Now that you’ve got your winning business plan, it’s time to craft a compelling presentation to present it. The presentation should be engaging and visually appealing so that judges can easily understand your business and its potential. Furthermore, the presentation should be tailored to the competition’s format and audience to keep the judges interested and engaged. It should also include an overview of your team members and any research you’ve conducted regarding the competition’s topic. Business plan competitions are judged based on three core criteria:
Business viability: Do the numbers add up?
Projected growth: Will your idea grow?
Return on investment: Will your plan generate enough return to justify its cost?

Tips for creating a persuasive pitch

Know your competition. When entering a business plan competition, it’s important to know what other competitors are submitting. There are many business plan competitions online with various formats and topics.

To get an idea of what other competitors are submitting, view the contest’s website and competitor information.

Tailor your pitch. In order to stand out in the crowd and win votes, you need to tailor your pitch to the judges’ needs. To do this, you need to understand what they want from a business plan. What are the judges looking for, and how can you address those needs?

Create a list. Judges want to see a clear outline of your business and its goals. Make sure to include a list at the beginning of your presentation. It should include both a detailed overview of your business and a list of your key features.

Share your story. Judges want to hear the story behind your business and the people behind it. Share your story with enthusiasm and enthusiasm. This will keep the judges engaged and interested.

Stay on track. Judges will often times pay attention to the time allotted for the competition, so stay within the time limits. They will often look at the visuals and not just the words.

Prowess presentation skills. Judges will often look at presentation skills as well as the content itself. Present your business plan in a clear, engaging and visually appealing manner.

Use PowerPoints, charts and other visuals in your pitch. This will help keep the judges engaged and interested in your presentation.

Q&A and conclusion