by Bright Ewuru | Jan 20, 2023 | Articles
If you are an angel investor or funding entity, you’ve likely heard many, many new business ideas. There are, no doubt, ventures with brilliant ideas that could disrupt the status quo and show real promise.
So, how can you cut through the noise to find the best startup or idea for your organisation or foundation to support?
Organising a startup pitch competition is an excellent way to connect with these innovative minds and support new and exciting ideas.
A startup pitch competition is where startup founders present the idea and concept behind their newly formed businesses in hopes of winning a cash prize or investment and funding into their startup. These startup pitch contests also serve as meeting points for startups seeking investments and investors and fundings looking for new revenue-generating opportunities.
A pitch competition gives startups an audience for their ideas and an avenue to receive valuable feedback and advice from major players in their field. They also give potential investors the chance to pre-vet startups before considering parting with their funds.
In this “golden era of venture capital,” startup pitch competitions in 2022 proved fruitful indeed. And, if you’re looking to join the trend, read our tips on how to organise a reputable and engaging startup pitch competition in 2023.
These seven pointers will help you set up a distinguished startup pitch competition in 2023 and beyond.
The first step towards organising a successful startup pitch competition is to be sure of what you want out of the contest. It might be to build your brand or raise funds for your organisation— through the submission fees paid by entrants or through sponsorship. Your aim could also be to support budding and promising ventures by linking them up with established figures in their industry.
With your aim identified, you can structure the contest in a way that guarantees your desired outcomes.
The next step is to state the rules of the competition. These rules ensure that only qualified businesses enter the contest.
You might want to entertain pitches from startups in select sectors such as HRtech, education or financial spaces. On another hand, you might want startups that have been in business for only a certain period of time – let’s say less than 18 months. Stating the rules of entry preempts ambitious unqualified businesses from joining the fray.
A major part of outlining the rules is delineating the evaluation criteria – rubrics are effective for assessing pitches. This lets the entrants know how their performance will be assessed and enables them to prepare adequately. Also, it gives the judges an idea of what they should focus on and also nurtures transparency in your competition overall.
The startup pitch competition involves multiple participants such as startup founders, investors, judges and the general public. It would be of great help to grasp the expectations of these different stakeholders and ensure that the contest provides value.
If your pitch competition is for newly-founded ventures in the industry, consider a gentle approach that provides strategic feedback and encouragement. Foster a growth mindset on the part of the contestants.
For the startup pitch competition to gain popularity, it needs to be attractive to participants. This begins with its name. Choose a name that gives insight into what it’s all about. Next, define the timeline of the contest and the relevant dates.
Decide on the location of the competition. The venue should be spacious enough to contain the participants. It should be well-lit, fitted with necessary devices and appropriately organised for the contestants, judges and the general audience. However, if you prefer to host the competition virtually, a conferencing platform is the way to go.
Consider the prize—this is, after all, the reason your start-up participants will enter. While the prize is usually monetary, it could also include training, media attention and mentorship opportunities. The winner’s package should grab the attention of every potential entrant.
Bring in sponsors and partners to the event. This will help place the start-ups in front of a larger audience, help pay for the event and provide networking opportunities for all.
Your startup pitch contest needs judges to assess the performance of the various contestants and ultimately decide the winner. When setting up the panel of judges, choose a diverse selection of renowned professionals in the industry. This will enhance the prestige of the competition and eliminate concerns of bias.
Provide specific instructions to your judges so they know exactly what information they need and how they should assess each start-up contestant.
It might help to add potential customers, funders or business partners to the panel of judges. The representation of a variety of segments ensures that the pitches are examined from every angle possible.
Marketing is key for the contest to succeed. Proper marketing will put your brand and the participants in the necessary spotlight and will help attract more entrants and sponsors. Here are some tips to effectively put the word out there.
To effectively organise the startup pitching contest, it’s necessary to harness technology. A manual setup increases the chances of human errors. Technology in the form of startup program application software streamlines the registration and submission process for applicants. It also aids the evaluation process, fostering transparency and making it easy for the judges to collaborate.
Startup pitch contests are an excellent way to draw attention to your brand, raise funds and support emergent businesses in 2023. These above tips will guarantee you have a solid startup pitch competition up and running in no time.
Articles
Feature focus
How-to-guides
Press releases
Product updates