Wednesday, January 7, 2015

Pointers in Launching a Business Contest to Find the Next Bright Idea

Some of the organizations that launch business plan competitions on a regular basis include the University of Texas and University of Oregon. However, running a similar competition shouldn’t be limited to academic institutions. Venture capitalists and investors can also hold their business competitions when they are in search of projects in need of funding or mentorship. Here are some pointers to keep in mind when running a contest on the most ideal business plan: Plan the big prize carefully. Venture capitalists and investors should be clear on what they want to offer the winner. Will they offer partial or full funding, with or without mentorship? The popular reality TV competition show, “Project Runway,” for instance, is upfront on the exact amount of money for winners so they can start their own line. Giving specifics on the rewards avoids ambiguity.

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