You remember a few years ago when you asked some of your fellow students to be part of a team for a business plan competition organized by your university. You are well aware of the dedication, persuasion and analytical skills that have brought your team to the finals with multiple bids to take your business plan to IPO. You feel that your entire team has matured and become more focused on the pursuit of success. You can also avail the benefits of new venture competition and technology management at UCSB.
Here are some tips to help you along the way.
Before you even start creating your own business plan contest, you should be aware of what makes you different from many other business plan contests around the world. How do you measure competitive success in your business plan?
All prices do not have to be in cash. This can also include free administrative support or even settlements with venture capitalists.
The judging criteria should be clear and constructive for participants to know what they value in their group presentations.
Start looking for sponsors early. It's important to have an in-depth meeting with potential sponsors and understand how the competition in your business plan can provide your organization with more positive publicity and reach.
More experienced judges may be offered the opportunity to judge the final and should be able to ask and answer questions and articulate what led them to make certain points.