SC Capital Access
The Breakdown
Summary:
Pitch contests and business plan competitions are events where entrepreneurs can present their business ideas for a chance at winning prize money. The amount that you can earn from winning one of these contests varies from $100 to over $100,000. These events are hosted all around the country.
Pros:
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helps create great publicity for your business and networking opportunities, even if you do not win
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no need to give up equity
Cons:
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favor startups with new ideas and business models
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often require travel and application fees to attend
Who Qualifies:
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Startups with little previous press coverage and investment
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New businesses with innovative ideas and business models
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Entrepreneurs with strong presentation skills
Pitch Contests & Business Plan Competitions
A Pitch is basically delivering a business plan verbally. A pitch typically takes the form of an entrepreneur or group of entrepreneurs presenting or describing their ideas to prospective investors. An elevator pitch is simply a very short pitch that distils the idea into a short summary that takes only as long as a short elevator ride. A video pitch is a pitch done via a short video rather than in person. Regardless of the means chosen to pitch, the aim is typically the same; describing a business opportunity with the intention of securing funding to develop the idea further.
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background informaiton about the organization or team attempting to reach those goals.