Entrepreneurs can achieve a lot by competing in startup competitions, even if they don’t win. A primary motivator for startups to enter competitions is usually the chance to acquire additional funding. However, the benefits of entering a competition, let alone winning, are myriad.
Validation:
Usually, the companies/organizations that host startup competitions are the foremost leaders in their fields. When you are selected by them to pitch at their competition, this adds to your reputation with a third-party validation.
Exposure:
The companies/organizations that host startup competitions usually tend to have a strong PR arm. It’s great publicity. If you win you will get a great amount of exposure and recognition, and even if you don’t win, your name will still get out there in the media. These competitions are designed to bring investors and entrepreneurs under one roof so you would also get your name out there to top industry names.
Networking:
As mentioned, the people who attend these competitions are seasoned investors, mentors, and entrepreneurs. It is a great way to meet them and expand your professional network locally and globally; you would also meet and interact with peers who have faced your current challenges. These relationships may be able to help you grow and develop your startup, gain investors, meet a mentor, and keep you in the loop on what’s happening in your field.
Feedback:
When pitching your idea to an audience, you gain the opportunity to receive valuable feedback from prospective investors and clients on your startup, providing you with knowledge on how you can adapt or develop your idea further.
If you have a startup and these benefits have enticed you to participate in a competition, apply to compete at the BDL Accelerate 2015 Early Stage Startup Competition before November 9th. You can read all about the additional benefits of competing and all the BDL Accelerate 2015 stats.
