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Business plan competitions began in the U.S. universities during the early 1980s. Since then, the programs have been initiated in several universities around the globe.
Business plan competitions are organized with the aim of encouraging development of new business enterprises, expanding local economies and encouraging cultural change. Business plan competitions generate a lot of funding from investors and well-wishers.
As a result, the competitions are highly valued by the students and those involved. In the U.S.A, business plan contests are so competitive that they attract students from all over the world.
Currently, most of the programs’ sponsors and critics have questioned whether these contests are really worth the funding they receive.
After analyzing the effects of business plan competitions on the organizers, community and the participants, it is with no doubt that, the events are very valuable.
From my analysis, I noted that the contests provide opportunities for students to improve their entrepreneurial skills and knowledge.
Similarly, students involved in the competition are provided with opportunities to generate new ideas, increase their self-esteem, access to business advisers and network.
Most of the students who have been involved in the contests suggest that the programs have enabled them to learn entrepreneurship skills and knowledge through practice and criticism.
Through the programs, the sponsors aim at increasing revenues, raising profits, support recruiting efforts, and motivate their companies to focus on innovations. It is supposed that through these competitions, financiers and entrepreneurs are challenged to implement on new projects.
Similarly, most companies associated with the competition programs have improved their corporate image. In addition, through these events, most companies, financiers, have helped students implement their business and projects, consequently helping them generate profits.
By doing so, the companies involved have not only remained competitive but also attracted and retained the best talents in the markets. Researchers have indicated that business plan competitions have clearly set goals. The organizers must outline their programs’ objectives.
By doing so, they will be able to manage financiers and participants expectations. To accomplish this, the competition’s goals must identify what the organizers anticipate from the participants during and after the competition.
Equally, the competition’s goals must indicate how the event will benefit the participants. In this note, organizers are encouraged to set goals that will enhance participants’ careers.
Similarly, investors, entrepreneurs and organizers should be encouraged to host more competitions to enhance innovation and entrepreneurship.
To measure the competitions’ returns, several metrics can be employed. Although the metrics employed to provide the organizers with valuable information, it should be noted that these metrics alone provide insufficient information.
The most popular metrics employed are returned on investment metrics and organizational metrics. Through return on investment metrics, financial returns and resource investments are correlated and analyzed.
Return investment metrics help the organizers to evaluate how the entrepreneurs’ ventures are performing, and through this, they can justify the importance of their competitions.
Alternatively, organizational metrics provide the organizers with valuable information on how the funded companies’ plans are geared towards sustainable innovations.
Despite the numerous benefits of modern business plan competition, it should be known that the current model plans would be faced with numerous challenges in the near future. Over the last 5 years, several intellects have criticized on the programs objectives.
Critics believe that the events’ motives have shifted from enhancing innovation programs to being profit ventures.
Equally, it has been alleged that the events have majored on encouraging the participants to develop winning plans rather than teaching them relevant techniques for use in the implementation of their business ideas.
Due to these challenges, I advise the events’ organizers to adopt modern contemporary business plans as the popularity of their models dwindles yearly. In this regard, I have proposed a business model plan for the competitions, which the event organizers can adopt.
Through this model, participants would be measured by how best they will implement their business ideas in the field, rather than how best they will write their business plan.
In my model, participants would earn points based on their business plan, source of hypotheses, objectives, lessons, and productivity. Contrary to the current models, business plans would carry the least marks during the evaluation process.
Participants with comprehensible hypotheses, objectives, and outputs will earn more marks than those without. Through this, I am certain that students will have a competition that is more practical, rather than theoretical writing exercise.
Through my competition program, the winning participants will receive cash prices ($100,000), media exposure, and capital for their startup business.
To ensure that the competition will sustain itself in the future, I would seek funding from several companies who have lost hope in the current models of business plan competitions.
Before the program is launched, we will publicize our competition through the media houses, students’ journals and through the social media.
Through this, we will not only attract numerous participants, but also sensitize the current learning institutions on the importance of adopting the contemporary models.
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