2013Benefits of Business Pitch Contests Jonathan El Kordi-Hubbard CollegeStartup.org 1/22/2013
So you think you have a good idea for a business, but you are not sure where to start.You discuss it with your family and friends who agree that the idea is interesting.With thevalidation you begin to identify a problem, come up with a creative solution, and mapout your customer all within a span of a few hours.The next few days you do some research, conduct surveys, cold call companies in thearea, and join networking groups all related to your industry. As you collect more datayou begin to understand why your ideal customer, or leading competitor, has not yetsolved your problem. You begin to understand how much customers will pay for apotential solution, and are able to articulate your business pitch in front of yournetworking groups.It sounds like you, the entrepreneur, are getting ready for the competition.
You decide that you would like a way to identify potential challenges and think of waysto evolve your business concept, so you to enter a pitch competition.Business pitch competitions have many benefits for you, the entrepreneur, including: Access to mentors, investors, and peers that can help grow the business. Marketing platform to spread your business ideato the competition community. Opportunity to perfect your business model from judge feedback and insights. Confidence builder by presenting your pitch to an audience. Central location for market research for you and your team. Prizes and seed money that can make the difference it starting your company. Free food that fuels your entrepreneurial brain.Yet the real value in these business pitches comes from the educational experiences ofthe competition itself. Sure the money is nice, but the networking and interacting withcoaches and peers, thelearnings from research, Q&A, working with a team, are allcritical parts of the environment that help builds you into a successful entrepreneur.