The entrepreneurial spirit is rooted in innovation and competition. Given this drive to succeed, it's no wonder that competitions rewarding entrepreneurs for their business plans and pitches are popping up all over the country.
Throughout the year, schools and organizations allow early stage startups and aspiring entrepreneurs to present their new business ideas and plans to panels of industry-renowned judges, for a chance to win some much-needed funding. Even if these entrepreneurs don't win the grand prize, the competitors still get the opportunity to network with leaders and innovators in their industries, and share ideas with fellow entrepreneurs and mentors.
If you're thinking of applying to a business plan competition, here are six great options open to entrepreneurs in any state. [See Related Story: Simple Business Plan Templates for Entrepreneurs]
Baylor New Venture Competition
Location: Waco, Texas
The Baylor New Business Venture Competition features current students and recent alumni of any accredited university across the nation competing in one of two tracks: consumer and internet technology companies, and nontechnology companies. Companies in the technology track must fall into categories such as internet security, social media and mobile commerce. There is a preliminary round, followed by three presentation rounds. The top teams from both tracks will compete against each other for the cash grand prize of $60,000.
Location: Savannah, Georgia
The Creative Coast's FastPitch competition offers student entrepreneurs, service-based entrepreneurs and product-based entrepreneurs the chance to show off their innovative ideas via a 3-minute pitch. Local community leaders, academics and investors will assess the viability of each venture and provide coaching and feedback throughout the process.
Location: Austin, Texas
Since 2012, HATCH Pitch has been an official SXSW event. In 2016, it branched out to become an independent program and event. This competition is for startups using information technology to make life better. Finalists are chosen and receive coaching and mentoring leading up to their demo day, when finalists present their business plans to a prestigious judging panel of corporate, angel and venture investors. Panel members provide feedback and select winners in which they would invest a virtual $1 million.
Innovation World Cup
Location: Multiple international locations
The Innovation World Cup Series is a collection of international competitions in a variety of technology categories like wearable technology (WT), the internet of things (IoT), cloud technology and digital marketing. Entrepreneurs in each category get the chance to present their tech solutions to a panel of industry experts. With prizes worth over $300,000, the competition is designed to stimulate and inspire next-generation solutions with the potential for real marketable products. The next event is the WT Innovation World Cup, being held in Munich, Germany, in February 2017.
Silicon Valley Boomer Venture Summit Business Plan Competition
Location: Santa Clara, California
This Silicon Valley Boomer Venture Summit is geared toward business ideas that show potential for the baby boomer generation. Early stage entrepreneurs in all industries are welcome to submit 10-slide-deck business plans to the first round of judges at Santa Clara University. Finalists then present their slide shows in person at the summit to be considered for the top prize.
Virtual Enterprises International National online competition
Location: Brooklyn, New York
This business plan competition brings together some of the best and brightest student leaders and future entrepreneurs at Long Island University's Brooklyn campus. Teams representing 28 virtual enterprise companies — simulated businesses set up and run by students for educational purposes — submit written business plans and give oral presentations that are judged by industry professionals and educators. After receiving top honors in local and regional business plan competitions during the school year, these teams earn the chance to compete.
To find more events, visit BizPlanCompetitions.com.