6 of the Best Business Plan Competitions
Attracting investors can prove to be a major challenge for any business owner or aspiring entrepreneur. Increasingly, they are turning to business plan competitions to gain a vital injection of capital and retain control over their ventures.
Entering a business plan competition can be a great way to obtain funding for a fledgling business or to turn a concept into a company. In this article, we look at six of the best business plan competitions and how they can help both business owners and aspiring entrepreneurs.
1. Rice Business Plan Competition
Featuring $1.5 million in cash and prizes, the Rice Business Plan Competition is staged in Houston. Hosted in April of each year, the event is the world’s largest and richest graduate-level business startup operation. In 2020, the Rice Business Plan Competition will celebrate its 20th year.
Forty-two teams are scheduled to take part in the 2020 event, representing some of the world’s most revered learning institutions, including MIT, Duke University, the University of Chicago, Harvard University, the University of Connecticut, IIT Bombay, and the University of Waterloo. The event is sponsored by several global organizations, including JP Morgan Chase & Co, NASA, Norton Rose Fulbright, Houston Angel Network, and the Mercury Fund.
2. The Hult Prize Student Competition
With $1 million in seed funding up for grabs, the Hult Prize Student Competition has earned a global reputation as one of the toughest business startup challenges in the world. Recognized by President Bill Clinton as one of the world’s top five game-changing ideas, the annual Hult Prize supports fledgling enterprises that tackle serious issues affecting billions of people globally. The Hult Foundation’s mission is to help young entrepreneurs to establish and accelerate their business ventures, tackle important issues, and make a real difference in the world.
3. HBS New Venture Competition
Staged in Boston in January of each year, the HBS New Venture Competition has a $300,000 prize fund. Sponsored by Harvard Business School’s Rock Center for Entrepreneurship, students can join the competition via 15 regional rounds hosted by 18 alumni clubs at various locations around the world.
The goal of the competition is to create ventures that are designed to change and improve the way that we live our lives. The HBS New Venture Competition has two separate tracks: one for social enterprises, including nonprofit, for-profit, and hybrid models that drive social change; and a business track for ventures created with the goal of driving substantial economic returns.
4. tecBRIDGE Business Planning Competition
Staged in Northeastern Pennsylvania, the tecBRIDGE Business Planning Competition possesses a $100,000 prize fund. The event, which aims to stimulate innovative thinking among regional talent, invites collegiate and non-collegiate competitors to leverage cutting-edge technology to drive the local economy.
Students from 14 local universities and colleges participate in the tecBRIDGE Business Planning Competition. Competitors can obtain cash funding in order to launch their tech-based companies, as well as valuable expert insights into entrepreneurship and the world of business.
5. CodeLaunch
Offering a first prize of $67,000 in seed funding, CodeLaunch draws app developers from across the country to showcase their products and attract vital funding. The event has expanded every year, generating widespread interest from the business community, including venture capitalists, angel investors, corporate leaders, and business organizations, as well as entrepreneurs who are passionate about their products and want to advance them.
CodeLaunch, which aims to connect early-stage startups with potential investors, features three competitors pitching at the Pitch Day event. After the winners are selected, they pass through to the Startup Expo phase, in which they have an opportunity to network with venture capitalists, investors, and the entrepreneurial community at large, potentially attracting thousands of dollars in investment for their early-stage business ventures.
6. Technovation World Challenge
Technovation World Challenge provides girls from around the world with the opportunity to acquire vital business leadership skills, providing the next generation of tech innovators with the skills, knowledge, and experience they need to lead and succeed.
Open to female students between the ages of 10 and 18, the Technovation World Challenge offers training and mentoring, as well as a chance to win $42,000 in cash prizes.
The participants, who work in teams, develop a mobile app and an appropriate business plan to launch it. Technovation competitors are supported by mentors who guide them through the program’s curriculum at all stages of the competition.
From tools to identify invasive plant and animal species to air quality monitors and apps designed to help lonely children connect with new friends, Technovation seeks to empower girls all over the world by encouraging them to be creators, problem-solvers, and innovators.
Dedicated to providing vital support to the next generation of business leaders, Technovation operates an immersive learning model that encourages girls to develop greater self-efficacy. The program challenges gender stereotypes and outdated attitudes toward women in STEM.
The organization offers two programs—Technovation Girls and Technovation Families—that aim to bring adults and children together to help solve major challenges facing society.
